AC Milan has struck a deal with UEFA to serve a one-year ban from European football for breaching the governing body’s financial fair play rules, the Court of Arbitration for Sport has confirmed.

The agreement means AC Milan will not take their place in next season’s Europa League and UEFA will end its proceedings against the Italian club for overspending between 2016-18 – the second three-year accounting period in a row that had got them in hot water with UEFA.

Their place in the Europa League is now likely to go to Torino, who finished seventh in Serie A last season, which means their season will start with the final qualifying round for the competition’s group stages on July 25.

UEFA initially gave AC Milan a two-year FFP ban last summer but the club successfully appealed against that sanction at CAS, only for the seven-time European champions to be referred to UEFA’s financial watchdog again in April.