UEFA Fine AC Milan €12M, Impose European Ban If Club Don't Break Even by 2021

AC Milan must break even by June 2021 or they will be banned from European competition, UEFA have ruled.

The Italian club have also had €12 million (£10.8 million) of their 2018-19 UEFA Europa League revenue withheld for breaking rules around financial fair play.

Per Football Italia, UEFA's full punishment additionally included a squad limit of 21 players for European competitions in 2019-20 and 2020-21. The usual maximum limit is 25 players.

The Times' Henry Winter provided the relevant section of UEFA's statement which outlined Milan's full punishment:

Milan were initially handed an immediate one-year ban from Europe after they spent £200 million on transfers in the summer of 2017 following a takeover by Chinese businessman Li Yonghong and failed to break even.

The seven-time European champions subsequently appealed to the Court of Arbitration for Sport, who overturned the ban and asked UEFA to issue a more "proportionate disciplinary measure."

Milan are now owned by United States hedge fund Elliott Management after Li failed to repay money owed to the company.

It has not been a good two days for the club, as they were knocked out of the Europa League on Thursday.

Milan went into their final Group F encounter with Olympiakos knowing even a one-goal defeat would see them through to the knockout rounds. They ended up losing 3-1, with Konstantinos Fortounis' late penalty proving the hammer blow.

Milan are back in action in Serie A on Tuesday when they face Bologna. The Rossoneri sit fourth in the Italian top flight but are just one point ahead of Lazio, who play Atalanta on Monday.