Seria A Club AC Milan have won their appeal at the Court of Arbitration for Sport. As a result, they now will be able to play the Union of European Football Associations (UEFA) Europa League, next season.
The club was banned by UEFA in June after an investigation into their handling of the body’s Financial Fair Play (FFP) Regulations.
Milan got barred from the next European competition which they have qualified for. A suspension that would have kicked in straight away since they had secured a place in the 2018-19 Europa League.
They announced their decision to appeal against the sanction sooner. And it has now been quashed. CAS has also referred the case back to UEFA to issue a “proportionate disciplinary measure”.
Since the ban was revealed, Milan has undergone an ownership change. Elliot Management took over the club after Chinese owner Li Yonghong failed to meet a deadline to make a debt repayment.
UEFA announced the ban last month after an investigation under its FFP regulations. It said AC Milan had not provided sufficient evidence of its financial stability. But with new ownership now in charge at the San Siro, the Rossoneri have successfully overturned that sanction.
Meanwhile, Chinese businessmanYonghong is under investigation in Italy for alleged false accounting, according to reports.
It’s claimed the Italian tax police had asked the club and its auditors to see documents regarding the acquisition of AC Milan by Li.
Li bought the Serie A club last year from former Italian Prime Minister Silvio Berlusconi with the help of the United States (US) hedge fund Elliott. The fund assumed the control of the club some weeks ago after Li failed to repay Elliott his debts.