AC Milan has vowed to use its Europa League ban as a "stimulus" to achieve greater Financial Fair Play (FFP) accountability.
On Friday, the Court of Arbitration for Sport ratified an agreement reached between Milan and UEFA relating to the club's previous breaches of FFP regulations.
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The deal prohibits the Serie A side from competing in European competitions next season in exchange for further time to balance the books and the avoidance of a potentially longer suspension.
Milan issued a statement distancing themselves from the "substantial accumulated losses" incurred by former owner Li Yonghong while promising improved financial compliance under Elliott Management Corporation, an American hedge fund which took control in July 2018.
It read: "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 remain committed to restoring the club to its rightful place at the top of European football."
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"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."
The ban leaves new head coach Marco Giampaolo to focus squarely on guiding Milan back into the top four in Serie A.
The former Sampdoria boss will work under Paolo Maldini and Zvonimir Boban, who took over as technical director and chief football officer respectively earlier this month.
Ivan Gazidis arrived from Arsenal to become chief executive last December.
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