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The Court of Arbitration for Sport (CAS) on Friday overruled a decision made by the European soccer body UEFA to ban AC Milan from next season’s Europa League competition.
CAS said that the Italian club’s finances had improved after a recent ownership change. Since then, U.S. hedge fund, Elliott Management has taken control of the indebted soccer club from Chinese businessman Li Yonghong and promised to inject 50 million euros to help stabilise its finances. The Chinese businessman bought the AC Milan last year from former Italian Prime Minister Silvio Berlusconi with the help of Elliott, but then failed to repay the fund.
In a statement, the court said that UEFA was not able to consider some important elements at the time of its decision, “in particular that the current financial situation of the club was now better, following the recent change in the club’s ownership”. CAS referred the case back to UEFA to “issue a new proportionate disciplinary measure on the basis of the current financial situation of the club”.
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