Milan were cited by Uefa for failing to meet their “break-even” requirements which prevent teams losing more than £15m per season over a three year period.
The Serie A giants, now owned by Chinese billionaire Li Yonghong, have been losing tens of millions per year.
Uefa referred the case to its Club Financial Control Body last month with a recommendation of serious punishment.
And while Milan attempted to convince Uefa officials that the club is financially stable, their pleas went unheard.
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Instead, Uefa have announced: “The club is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next two seasons."
Credit: TheSun