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.

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