AC Milan have won their appeal to the Court of Arbitration for Sport (CAS) against a UEFA ruling that banned them from next season's Europa League because of a breach of financial fair play rules.
While the CAS on Friday confirmed the European football governing body's decision that Milan failed to fulfil the break-even requirement, it annulled their suspension and referred the case back to UEFA "to issue a proportionate disciplinary measure."
UEFA's initial ruling followed decisions issued in December and May not to conclude a voluntary agreement with the Italian club, who obtained direct qualification to the Europa League by finishing sixth in the Serie A league.
UEFA's Club Financial Control Body had expressed uncertainty about Milan's ability to refinance loans worth about 380 million euros (443 million dollars) to be paid back later this year.