The Court of Arbitration for Sport (CAS) has overturned UEFA's decision to ban AC Milan from European competition for two years, clearing the way for the Italian outfit to participate in the Europa League during the upcoming season.
European football's governing body had initially suspended Milan from taking part in its competitions for the 2018-19 and 2019-20 campaigns following a breach of their licensing and Financial Fair Play regulations.
However, Milan appealed the ruling following a change of ownership, arguing that previous FFP decisions had gone in favour of other clubs, notably Manchester City and Paris Saint-Germain.
The CAS has subsequently ruled that the initial punishment was disproportionate and have now sent the case back to UEFA to come up with a more suitable penalty.
Milan spent more than £170m on new players under their Chinese owners last summer, but they could only manage a sixth-place finish in Serie A and never threatened a title challenge.
However, the seven-time European Cup winners, who are now controlled by US hedge fund Elliott, will get the chance to compete in Europe again during the upcoming season, when they will be entered into the Europa League group stages.