​AC Milan are set to appeal UEFA's decision to ban the club from all European competition for a year due to breaching Financial Fair Play laws.

I Rossoneri had been found guilty earlier today for ​breaking UEFA Club Licensing and FFP Regulations in a year period between July 2014 and June 2017, which means they will play no part in the 2018-19 Europa League campaign which they already qualified for after finishing sixth in ​Serie A last season.

AC Milan v ACF Fiorentina - Serie A

Milan failed to convince UEFA that the club was in a stable financial position with Li Yonghong completing his takeover of the club last year, and the footballing governing body acted with strict punishments.

​Now, the club have released an ​official statement on their website claiming that they will be appealing the verdict to the Court Of Arbitration For Sport. 

​The statement read: "The Adjudicatory Chamber of UEFA's Club Financial Control Body has decided to sanction AC Milan, for the breach of the UEFA Club Licensing and Financial Fair Play Regulations in the three-year period between July 2014 and June 2017 with one year of exclusion from UEFA Club Competitions. 

"After taking note of the aforementioned ruling, AC Milan has instructed its legal team to appeal the decision before the Court of Arbitration for Sport in Lausanne, seeking for a prompt review of the ruling. AC Milan fully trusts the CAS will hear its arguments and will refrain from commenting further pending the arbitration."

They will now face an agonising wait to hear their fate as they continue their preparations for next season.