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AC Milan fined by UEFA for breaching Financial Fair Play

Credit: PA

AC Milan must break even by June 2021 or face being banned from European competition for two years under Financial Fair Play rules, UEFA has announced.

The decision from the European governing body's adjudicatory chamber comes after Milan successfully appealed against a two-year ban being immediately imposed this summer, with the Court of Arbitration for Sport referring the matter back to UEFA to impose a "proportionate disciplinary measure" in July.

Milan had been found to be in breach of the break-even requirements of the Financial Fair Play regulations, and Friday's ruling leaves the club at risk of sitting out European competition in 2022-23 and 2023-24 should they qualify.

While the threat of a ban has been deferred, Milan will still face immediate punishment for breaching the rules.

UEFA is to withhold 12 millions euros (£10.7million) in prize money from this season's Europa League, and the club will be limited to registering 21 players for European competition should they qualify in each of the next two seasons.

A UEFA statement said: "(S)hould the club not be break-even compliant at 30 June 2021, it will be excluded from participating in the next UEFA club competition for which it would otherwise qualify, in the two seasons 2022/23 and 2023/24.

"The club will also have EUR 12 million of its UEFA revenues from the 2018/19 UEFA Europa League withheld and will not be permitted to register more than 21 players for participation in UEFA competitions in the 2019/20 and 2020/21 seasons."

Gazidis resigns as Arsenal chief executive to join AC Milan

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Chief executive Ivan Gazidis will leave Arsenal on October 31 to take up a similar post at AC Milan, the Premier League club have announced.

Speculation that Gazidis - who oversaw Unai Emery's appointment to replace Arsene Wenger in May and has also been behind the change in management structure at the Emirates Stadium - will depart for Italy has been rife for some time.

Now the move has been confirmed, with Raul Sanllehi, currently head of football relations at the Emirates Stadium, to become head of football when Gazidis heads to Milan.

Meanwhile Arsenal's chief commercial officer Vinai Venkatesham will take over the role of managing director at the same point.

Gazidis, 54, has worked for the Gunners since 2009 and played a major role in introducing roles such as Sanllehi's, as well as that of head of recruitment - held by Sven Mislintat.

Those appointments wrestled some power away from Wenger, whose 22-year tenure came to a close at the end of last season.

Emery has since taken the reins after a thorough interview process headed up by Gazidis, who will now leave to fulfil a similar role at San Siro.

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Chelsea's Bakayoko joins AC Milan on season-long loan

Chelsea midfielder Tiemoue Bakayoko has joined AC Milan on a season-long loan, the Premier League club have announced Credit: PA

Chelsea midfielder Tiemoue Bakayoko has joined AC Milan on a season-long loan.

The Frenchman moved to Stamford Bridge from Monaco last summer for a reported £40million, but struggled to make the desired impact in the Premier League.

Chelsea said in a statement: "The 23-year-old now makes the temporary switch to the Serie A side who are managed by Gennaro Gattuso and are competing in the Europa League this season."

Milan said the deal includes an option to make the move permanent.

He will be presented to the media on Friday afternoon.

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