Milan have been excluded from European competition for the next two seasons, UEFA have confirmed.
A statement read: "The Adjudicatory Chamber of the Club Financial Control Body (CFCB), chaired by Jose Narciso da Cunha Rodrigues, has taken a decision in the case of the club AC Milan that had been referred to it by the CFCB Chief Investigator for the breach of the UEFA Club Licensing and Financial Fair Play Regulations, in particular the break-even requirement.
"The club is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next two (2) seasons (i.