AC Milan have released a statement in which they accept responsibility for breaching UEFA's Financial Fair Play regulations, insisting that their ban from European competition will not prevent them from returning to their former glory.
The Rossoneri were banned from competing in next season's Europa League after failing to balance their finances in recent years, with Torino taking their place in the competition.
In a post on their official website, the club admitted that they tried to adhere to regulations, but ultimately they have been forced to accept UEFA's decision to ban them.
They wrote: "The Court of Arbitration for Sport (CAS) has issued a consent award ratifying AC Milan's (the "Club") voluntary acceptance of a one year exclusion from UEFA Club competitions, in settlement of breaches of the UEFA Club Licensing and Financial Fair Play Regulations in the three-year periods 2014-2017 and 2015-2018.
"The current shareholder took ownership of the Club in July 2018, inheriting substantial accumulated losses after the previous owner of AC Milan defaulted on debt obligations. These losses and the associated violation of FFP rules, as a consequence of actions taken under previous ownership, led to sanctions by UEFA.
"Whilst saddened by the fact that our fans will not be able to see their team compete in European competition next season, the Club recognises and respects FFP.
"The Club acknowledges it has no other choice but to accept the sanctions, as it seeks to forge a pathway back to full compliance.
"AC Milan remains committed to restoring the Club to its rightful place at the top of European football. Today's ruling will act as a stimulus to maximise the efforts to become fully compliant with FFP, while at the same time consolidating the competitiveness of the Club, and returning AC Milan to sustainability and a more positive future."