How CAS ruling will affect Crystal Palace in the transfer window
The Court of Arbitration for Sport (CAS) turned down their appeal against UEFA's decision to demote them to the Europa Conference League (BBC).
The decision has several implications for Palace.
Not only will Nottingham Forest now take their place in the Europa League, but the Eagles may have to draw up a new plan on how to navigate the transfer window.
Palace qualified for the Europa League after beating Manchester City to win the FA Cup last season.
However, UEFA's multi-club rules forbid clubs under the same ownership from competing in the same tournament.
Former shareholder John Textor had a stake in both Palace and Olympique Lyon, who finished sixth in Ligue 1 to qualify for Europe.
Textor eventually sold his Palace shares in a desperate attempt to keep them in the Europa League, but the deadline to prove compliance expired back in March.
The club took it up with CAS, but they made it clear that the Eagles breached the rules and failed to make the necessary adjustments in time.
How the ruling affects Palace's transfer strategy
Dropping down to the Europa Conference League is undeniably a massive blow to Palace.
On the plus side, they have a better chance at winning the trophy. But the implications go far beyond their chances.
The competition is far less prestigious and financially rewarding than the Europa League.
The demotion could cost Palace around £20 million in lost revenue. That could have made a world of difference for the Eagles in the transfer market.
Without Europa League football, Palace may struggle to attract their key targets as they now have less bargaining power to fend off competition.
The verdict also couldn't have come at a worse time for the club.
The Eagles are fighting to keep their star players at Selhurst Park, with Eberechi Eze and captain Marc Guehi drawing interest from Arsenal and Liverpool, respectively.
There was never any guarantee that the promise of Europa League football would be enough to convince them to stay.
Playing in the Europa Conference League holds no weight, considering that a move guarantees them Champions League football.
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