Gab Marcotti explains the saga unfolding at Milan after owner Li Yonghong missed a deadline to repay an investment by Elliott Management.
AC Milan have been reinstated into the Europa League next season after the Court of Arbitration for Sport (CAS) overturned UEFA's decision to exclude them for infringing financial fair play (FFP) rules.
Following a hearing with the Italian club on Thursday, the CAS released a statement on Friday in which it said that while UEFA's decision to impose sanctions was correct, these needed to be more "proportionate" and exclusion was too severe.
Punishments the Serie A club could still face range from a fine to squad limitation in Europe next season.
Milan qualified for the Europa League by finishing sixth in Serie A, and Friday's decision means they will be admitted to the group stage
Fiorentina, who had been hoping to be admitted to the Europa League in the event of a Milan exclusion, will not participate in Europe next season.
Source: espn.co.uk