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Three European clubs -- Messi's FC Barcelona, Rafinha's Schalke and Diego's Werder Bremen -- went to CAS to keep their players out of the Olympics.
Despite the ruling, Messi still wants to play for his country instead of returning to Barcelona, according to Argentina coach Sergio Batista. Barcelona postponed making a decision on whether to demand Messi's return until its coach talked to the star.
Schalke and Werder Bremen later offered to let Rafinha and Diego stay with Brazil for the Olympic tournament.
CAS secretary-general Matthieu Reeb said the three-member panel ruled in favor of the clubs because the Olympic tournament is not on FIFA's match calendar, and because there was no evidence that the football body's executive board obliged the clubs to release the players.
FIFA ruled July 30 that the players must be released for the Olympic tournament because they are under 23.
The men's Olympic football tournament is for players 23 and under, with three exceptions for older players.
Both Barcelona and Schalke are scheduled to play Champions League qualifying matches during the Olympics, and they could lose out on millions of euros (dollars) if they fail to reach the group stage.
[Associated Press;
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