AC Milan set to play Europa League this season
AC Milan have seen their one-year ban from European football being overturned by the Court of Arbitration for Sport (CAS). It means Milan will now get to play in this season's UEFA Europa League. The CAS has ordered the UEFA to levy a proportionate disciplinary measure instead. Earlier, UEFA had sanctioned the punishment on Milan for breaching the Financial Fair Play.
Milan had failed to break even after spending £200 mn on transfers. Last term Milan broke the bank after spending £35.1 mn on Leonardo Bonucci and £33.6 mn for Andre Silva. All this happened after former owner Silvio Berlusconi sold the club to Chinese consortium for a staggering €740 mn (£660 mn). The UEFA, therefore, decided to punish Milan for their failure.
The UEFA brought in the Financial Fair Play rules to prevent clubs running in debts. If clubs are found spending more than they earn, the FFP come into play. Either of warnings, reprimands, point deductions and transfer bans are then imposed.
Milan's new owner US hedge fund Elliott Management made an announcement of taking over the Italian club this month. Elliott Management took this step after former owner Li Yonghong failed to repay debt. The Chinese owner had missed the deadline set to repay $38 million (£28.9 mn). Elliott Management is expected to inject $58 million (£44 mn) to stabilize things at AC Milan.
