Malaga will not be able to compete in next season's Europa League after the Court of Arbitration for Sport (CAS) upheld Uefa's one-year European ban.
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The Spanish side, who finished sixth under Manchester City target Manuel Pellegrini this season, were given a two-year European suspension in December because of unpaid bills.
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The second-year was waived on appeal last month, but CAS has rejected their attempt to overturn the first.
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Sevilla will take their European spot.
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Andalusians Sevilla only ended in ninth, a place ahead of Rayo Vallecano, who were denied a Uefa licence to feature in European competition by the Spanish Football Federation because they had not yet agreed a timeframe to pay creditors.
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In the wake of Malaga's punishment, Rayo have confirmed they will make an appeal of their own to CAS.
I do not think anyone would love to play in the Europa League in the first place, everyone loves the UEFA Champions League.