Italian club Juventus have been banned from participating in the UEFA Conference League (UECL) and are also handed a £17 million fine for breaching Financial Fair Play (FFP) rules.
Massimiliano Allegri's side was one of the favourites to win the third-tier competition.
Juventus’ FFP breach relates to player registration rights between 2009 and 2021.
Juventus, who finished seventh last season in Serie A, were also handed a 10-point deduction as a result of alleged financial irregularities and transfer dealings.
Despite a very tough sentence passed by UEFA, the Italian club’s officials have stated that they will not take the matter to court and have accepted their decision.
"We regret the decision of the UEFA Club Financial Control Body,” said Juventus president Gianluca Ferrero in a club statement.
“We do not share the interpretation that has been given of our defence, and we remain firmly convinced of the legitimacy of our actions and the validity of our arguments.
“However, we have decided not to appeal this judgement. This decision is in line with the one taken last May in the context of the disputes with the FIGC.”
The club also stated that it does not want to get involved in the court matters as it may end up delaying their participation in the 2024-25 Champions League season should The Old Day finish in top four.
“Lodging an appeal, possibly to other levels of judgement, with uncertain outcomes and timing, would increase the uncertainty with respect to our eventual participation in the 2024/25 Champions League.
"Instead, we want the first team, our fans, our sponsors, suppliers and financial partners to be able to experience the 2023/24 season with the utmost serenity and certainty with respect to the results achievable on the pitch, especially after the turbulent past season.
"Despite this painful decision we can now face the new season by focusing on the field and not on the courts.
“We now focus our attention on the Championship and the Italian Cup: we will do our utmost to give our fans the greatest possible satisfaction in these competitions.”
It must be noted that the top executives at the football club have already been suspended from their roles in the case.