Premier League defending Champions Manchester City have been banned from Champions League for two seasons for breaching Financial Fair Play regulations, UEFA has confirmed.
In addition to that, the Premier League club will also have to pay £30M fine.
Following an investigation, the adjudicatory chamber of UEFA’s Club Financial Control Body found City guilty of overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016.
The probe into City’s financial affairs was prompted by a series of allegations published by a German magazine Der Spiegel about two years ago, which drew on documents purportedly obtained by whistleblowers Football leaks.
Manchester City have denied the wrongdoing and have stated their intention of appealing the verdict at the Court of Arbitration for Sport.
‘’Manchester City is disappointed but not surprised by today’s announcement by the UEFA adjudicatory chamber,’’ Read the Statement.
‘’The club has always anticipated the ultimate need to seek out an independent body and process to impartially consider the comprehensive body of irrefutable evidence in support of its position.
‘’Simply put, this is a case initiated by UEFA, prosecuted by UEFA and judged by UEFA. With the prejudicial process now over, the club will pursue an impartial judgment as quickly as possible and will therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity.’’
