Serbian champions Red Star Belgrade have been excluded from the 2014/15 Champions League for breaching UEFA licensing and financial fair play regulations, European football's governing body announced Friday.

The adjudicatory chamber of the UEFA Club Financial Control Body (CFCB) "determined that the club were in breach of a number of provisions of the UEFA Club Licensing and Financial Fair Play Regulations", notably due to overdue payables toward clubs and employees.

"Accordingly, Crvena zvezda (Red Star Belgrade) are excluded from participating in the 2014/15 UEFA Champions League for which they had qualified on sporting merit."

The club have 10 days to appeal the decision before the Court of Arbitration for Sport (CAS).

UEFA added, however, that an investigation against the Football Association of Serbia (FSS) might be opened within the coming days by the chief investigator for alleged breaches of the club licensing regulations in relation to the granting of the licence to the same club.

Last month, UEFA slapped severe sanctions on nine clubs, including English and French champions Manchester City and Paris Saint-Germain for also falling foul of the financial fair play rules.