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."
Video assistant referees (VAR) could be introduced to the Champions League and Europa League this season, UEFA president Aleksander Ceferin and European Club Association (ECA) chairman Andrea Agnelli have revealed.
European football's governing body opted against using VAR this season despite it being used by most major European leagues and FIFA this summer at the World Cup in Russia.
Speaking at a joint UEFA and ECA press conference in Brussels on Tuesday, Ceferin said the European governing body's refereeing chief Roberto Rosetti has been leading efforts to make sure UEFA's pool of referees are ready for VAR and all "technical aspects" have been addressed.
"I expect the report in a week or so and then we will see when we can implement it - (at) the latest, next season," said Ceferin.
UEFA president Aleksander Ceferin says a European Super League "will not happen."
Ceferin and Andrea Agnelli, chairman of the European Club Association that represents more than 200 top teams, have made their positions clear following a report that a leaked document revealed secret discussions taking place over a possible new league competition.
"The Super League will not happen," Ceferin told BBC Sport. "It is in a way a fiction now or a dream.
And Juventus chairman Agnelli added: "I can confirm we have never seen, never discussed, never been involved in the creation of this document.
"We are fully engaged with UEFA in shaping the game going forward."
Both men insist that Europe's leading clubs will remain part of UEFA, while also holding plans that could redraw the European football landscape from 2024.
Ceferin said: "We have some ideas. All I can say is that any Super League is out of the question. Participation stays. And everybody will have an opportunity to compete in every European competition."
European football's governing body UEFA has warned Manchester City it may reopen its 2014 Financial Fair Play (FFP) investigation into the club.
City outplayed local rivals Manchester United on Sunday and are two points clear at the top of the Premier League - but things may not be so healthy off the pitch.
Citing documents and emails provided by the whistle-blowing platform Football Leaks, German magazine Der Spiegel has published a series of articles over the last 10 days which have accused City's Abu Dhabi owners of trying to get around European football's FFP rules.
Some at UEFA believed that to be the case in 2014, too, and the club was punished - but Der Spiegel claims the governing body was unaware of some of the details.
City have repeatedly described Der Spiegel's reports as the product of a "clear and organised" attempt to tarnish their reputation, while UEFA's initial response was to say it could not comment because of "confidentiality obligations".
But with Der Spiegel's specific allegations remaining unchallenged, UEFA has finally indicated it has the stomach for a fight.
In a statement, UEFA said it makes an annual assessment of all clubs against FFP's break-even requirements on a rolling three-year basis, and this assessment depends on "fair and accurate" information provided by the clubs, as well as "compliance checks and analysis undertaken by UEFA".
"If new information comes to light that may be material to this assessment, UEFA will use that to challenge the figures and will seek explanation, clarification or rebuttal from the club concerned," it continued.
"Should new information suggest that previously-concluded cases have been abused, those cases may be capable of being reopened as determined on a case-by-case basis."
UEFA also defended the FFP system, saying it had helped clubs across Europe go from a cumulative debt of £1.5billion in 2011 to more than £500million in profits last year.
"Without question, (FFP) has been a success for the game across Europe," it added.
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Manchester United are facing UEFA disciplinary proceedings after their late arrival for Tuesday's Champions League encounter against Valencia saw kick-off delayed.
Jose Mourinho's men arrived at Old Trafford at 7.15pm on Tuesday night due to traffic in the city, leading kick-off to be put back by five minutes.
UEFA has subsequently opened disciplinary proceedings against United for "late team arrival" and "late kick-off" in the Group H match that ended 0-0.
Valencia have also been charged over the late kick-off and face others for the "setting off of fireworks" and "kit infringement". The case will go before the UEFA Control, Ethics and Disciplinary Body on October 18.
Video assistant referee (VAR) technology will be used in the Champions League from next season, UEFA has announced.
The European governing body revealed VAR would be used in the 2019-20 competition from the play-off stage onward, as well as at the 2019 UEFA Super Cup, the Euro 2020 finals, the Europa League group stage from the 2020-21 season and the 2021 Nations League finals.
The decision was made by the UEFA executive committee at a meeting in Nyon, Switzerland on Thursday morning.
UEFA president Aleksander Ceferin said: "We are confident that introducing video assistant referees in August 2019 will give us enough time to put in place a robust system and to train match officials to ensure an efficient and successful implementation of VAR in the UEFA Champions League, the world's flagship club competition."
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