AC Milan will be banned from European competition for a season if they do not break even by June 2021 after falling foul of financial fair play rules.
The decision from Uefa comes after Milan successfully appealed against a two-year ban being imposed last summer.
The Court of Arbitration for Sport (Cas) partially upheld that appeal and asked for a “proportionate disciplinary measure” to be imposed on Milan.
The Italian club can appeal again to Cas against the new ruling, says Uefa.
European football’s governing body rules say clubs cannot spend more than they generate by their own means and Uefa handed out the original punishment after deciding Milan had breached the requirement to break even after spending £200m on transfers.
Milan has two and a half years to balance their books or face missing European competition in either 2022-23 or 2023-24, should they qualify.