Manchester: Manchester City have been banned from European competition for the next two seasons and fined €30 million ($48.5 million) by European soccer's governing body UEFA after an investigation into alleged breaches of Financial Fair Play Rules.
UEFA said City had committed "serious breaches" of the rules while the Premier League club said they intended to appeal the decision to the Lausanne-based Court of Arbitration for Sport.
The reigning English Premier League champions overstated sponsorship revenue in accounts submitted between 2012 and 2016, according to UEFA.
City said in response they are "disappointed but not surprised" by UEFA's announcement and will appeal against the punishment to Court of Arbitration for Sport (CAS).
"The Adjudicatory Chamber, having considered all the evidence, has found that Manchester City Football Club committed serious breaches of the UEFA Club Licensing and Financial Fair Play Regulations by overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016," read a UEFA statement.
City have been drawn to face Real Madrid in the last-16 of this season's Champions League, with the first leg of that tie set to be played on February 26 at the Bernabeu.
In the absence of a successful appeal, Pep Guardiola's side would be unable to compete in the competition until the 2022/23 campaign.
Findings published by UEFA also state that the club "failed to cooperate in the investigation of this case by the CFCB".
More to come