Milan have been told to break even by 2021 or have their European ban restored.
However, the CFCB Adjudicatory Chamber added in a statement that €12m of Milan’s Europa League revenues for this season have been withheld, while they cannot register more than 21 players in their UEFA squads for the next two seasons.
The Rossoneri were refused a voluntary agreement and a settlement agreement, before being barred from the Europa League for FFP breaches, as well as doubts over then-owner Li Yonghong.
The club then appealed to the Court of Arbitration for Sport, and their change of ownership whereby Elliott Management took over from Li proved decisive.
However, the case was referred back to UEFA’s Club Financial Control Body to impose a new sanction, leading to Friday’s verdict.