Major football governing body UEFA on Friday announced football club Juventus will not participate in Europe next season after being banned over breaches of UEFA's Club Licensing and Financial Fair Play rules.

"During the 2022/23 season, the CFCB First Chamber, chaired by Sunil Gulati, opened investigations into Juventus (ITA) and Chelsea FC (ENG) for potential breaches of the UEFA Club Licensing and Financial Fair Play regulations," read a statement issued by Europe's football governing body UEFA.

"The CFCB First Chamber concluded that Juventus (ITA) violated the UEFA’s regulatory framework and breached the settlement agreement signed in August 2022," read the statement.

The body decided to exclude Juventus from the 2023/24 UEFA men’s club competition and impose an additional financial contribution of €20 million on the club.

"Of this amount, €10 million is conditional and will only be enforced if the club’s annual financial statements for the financial years 2023, 2024 and 2025 do not comply with the accounting requirements as defined in Annex G of the UEFA Club Licensing and Financial Sustainability Regulations," read the statement.

With respect to Chelsea FC (ENG), the CFCB First Chamber concluded that the club breached the UEFA Club Licensing and Financial Fair Play regulations as a result of submitting incomplete financial information.

Following the club’s sale in May 2022, the new ownership identified, and proactively reported to UEFA, instances of potentially incomplete financial reporting under the club’s previous ownership.

The reported matters related to historical transactions which took place between 2012 and 2019.

Following its assessment, including the applicable statute of limitations, the CFCB First Chamber entered into a settlement agreement with the club which has agreed to pay a financial contribution of €10 million to fully resolve the reported matters.