UEFA announced that it would ban Italian football club Juventus from the 2023-24 Conference League for violating the Financial Fair Play (FFP) rules.

"The decision of the First Chamber of the UEFA CFCB (Club Financial Control Body) entails the termination of the Settlement Agreement between UEFA and Juventus dated 31 August 2022 and the exclusion of Juventus from the UEFA Conference League of the sports season 2023/2024," Juventus said in a statement.

The Turin club stated that they are required to pay 20 million euros (approximately $22 million) as a result of the UEFA CFCB decision.

It added that half of the 20 million euro fine is conditional, which means that an additional 10 million euros will be imposed if Juventus fail to comply with the UEFA regulations for the 2023, 2024 and 2025 financial years.

"We regret the decision of the UEFA Club Financial Control Body. We do not share the interpretation that has been given of our defense, and we remain firmly convinced of the legitimacy of our actions and the validity of our arguments," Juventus said, adding that the club will not appeal the judgment.

Juventus completed the 2022-23 Italian Serie A in the seventh spot, but due to the UEFA decision, the Bianconeri will not be able to compete in the UEFA Europa Conference League this season.

Fiorentina, who ended the Italian league in the eighth position, will replace Juventus in this competition.