Spanish giants Real Madrid and Atletico Madrid's appeal over a transfer ban was rejected by football's governing body FIFA on Thursday. The clubs had originally been sanctioned in January after being found guilty of breaking regulations related to the transfer of foreign players aged under 18.
The ban was frozen following appeals from both the clubs. After their appeal was rejected on Thursday, Real Madrid revealed that they would appeal to the Court of Arbitration for Sport, in a official statement.
The governing body also issued the clubs a warning and handed the two Madrid clubs an ultimatum of 90 days "to regularise the situation of all minor players concerned" in a statement released on their official website. The statement further added, "Both clubs are to serve a transfer ban that prevents them from registering any players at national and international level for the next two complete and consecutive registration periods".