AC Milan has been reinstated in the Europa League for the 2018/19 campaign following a successful appeal to the Court of Arbitration for Sport (CAS) after the Rossoneri had initially been thrown out by UEFA over Financial Fair Play violations.
Milan fell foul of UEFA after its takeover by Li Yonghong in 2016 resulted in the Chinese businessman seeking a high interest loan of €300m to cover the costs and settle a debt.
UEFA demanded to be informed of the financial strategy moving forward, yet remained uncertain as to how Milan would pay the loan back on time and about the 'financial guarantees of the main shareholder'—which was Li.
Milan finished last season with a €100m spending deficit, more than three times the €30m annual limit permitted by UEFA rules, leading to sanctions.
Now, however, Milan will be back in the Europa League this coming season after CAS overturned UEFA's decision to expel them and insisted that the football governing body think up a punishment more proportionate to the club's breaches.
After Li defaulted on his loan in July, control of Milan was handed over to Elliott Management Corporation, the company from which he had obtained the cash. It is thought that the presence of Elliott and the company's ability to guarantee financial solidity was key in the CAS ruling.
Li had previously been in talks to sell Milan to American businessman Rocco Commisso, but that takeover fell through after Li reportedly changed the terms of the deal at the 11th hour.