Milan qualified for the 2018–19 UEFA Europa League group stage as the sixth-placed team of the 2017–18 Serie A, but were originally banned by UEFA from European competition due to violations of Financial Fair Play regulations for failure to break-even. In July 2018, Li's investment vehicle Rossoneri Champion Inv. Lux. was removed as the shareholder of Rossoneri Sport Inv. Lux., the direct parent company of the club. On 10 July 2018, Li failed to keep up with his loan repayment plan, neglecting to deposit a €32-million installment on time in order to refinance the €303-million loan debt owed to the American hedge fund. As a result, ownership of the club was officially transferred to Elliott Management Corporation. Milan appealed to the Court of Arbitration for Sport, and the ban was overturned on 20 July 2018. On 28 June 2019, Milan was excluded from the Europa League for violating Financial Fair Play regulations for the years 2014–2017 and 2015–2018.