Retiring AC Milan legend Paolo Maldini says they've sold their Champions League chances down the river after accepting Real Madrid's world record offer for Kaka.

"For Milan, it's the end of an era," Maldini said. "To think about winning the Champions League without Kaka is utopian.

"Kaka is one of the top five players in the world. He is the first of this level to have been sold. The other four haven't moved.

"When Franco Baresi retired, I felt lost. I only saw black. But then Milan knew how to start all over again.

"This club has always gone forward. I understand the moment, but if the club manages itself as it has done up until now the story will continue," he explained.