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."