LAUSANNE, Switzerland — AC Milan's decision to voluntarily remove itself from next season's Europa League to pay for UEFA financial fair play breaches has received the consent of the Court of Arbitration for Sport.

UEFA had already fined Milan 12 million euros ($13.5 million) of Europa League prize money in the case, which included a CAS ruling to overturn a ban from last season's Europa League.

Milan hopes that this wipes the slate clean ahead of ongoing monitoring of its often troubled finances.

CAS says it will invite UEFA's cub financial control body "to issue a procedural order acknowledging the outcome of the present arbitration(s) and terminating the proceedings relating to the 2016/2017/2018 monitoring period, which have become moot."

Although Milan is a seven-time European champion, its finances have taken a hit during a six-year failure to qualify for the Champions League.

AP