The club will now have to pay a fine of 10 million euros.
Manchester City will be able to participate in the next season`s Champions League as the Court of Arbitration for Sport (CAS) has lifted their two-year ban from UEFA events.
The club will now have to pay a fine of 10 million euros, Goal.com reported.
Earlier, Manchester City was to pay a fine of 30 million euros, but the amount has now been reduced by CAS.
Manchester City was initially punished by UEFA in February when they were banned from participating in the Champions League or Europa League for two years. The ban was imposed as the club was found guilty of breaching Financial Fair Play (FFP) rules.
The Adjudicatory Chamber of UEFA`s Club Financial Control Body (CFCB) had found City guilty of overstating its sponsorship revenue between 2012 and 2016.
"Following a hearing held on 22 January 2020, the Adjudicatory Chamber of the UEFA Club Financial Control Body (CFCB), chaired by Jose da Cunha Rodrigues, has today notified Manchester City Football Club of the final decision on the case which was referred by the CFCB Chief Investigator," the UEFA had said in a statement.
"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," it added.
Manchester City had then decided to appeal in the CAS at the earliest against UEFA`s decision of banning the club for two Champions League seasons.
"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," the club had said in a statement.
After the club lodged an appeal, CAS confirmed that it had registered the club`s appeal.
The Court of Arbitration for Sport (CAS) has now lifted the ban.
"Manchester City FC did not disguise equity funding as sponsorship contributions but did fail to cooperate with the UEFA authorities," read the CAS statement.
"The CAS award emphasized that most of the alleged breaches reported by the Adjudicatory Chamber of the CFCB were either not established or time-barred," added CAS, which will publish its full written reasons over the coming days.
The club welcomed the ruling and thanked panel members for their diligence and the due process that they administered.
"Whilst Manchester City and its legal advisors are yet to review the full ruling by the Court of Arbitration for Sport (CAS), the Club welcomes the implications of today’s ruling as a validation of the Club’s position and the body of evidence that it was able to present. The Club wishes to thank the panel members for their diligence and the due process that they administered," it said in a statement.
La Liga president Javier Tebas expressed unhappiness over the ruling and said the "the CAS is not up to standard."
City`s UEFA ban was lifted, which means they will play in next season`s Champions League and their fine has been reduced to 10 million euros from 30 million euros."We have to reassess whether the CAS is the appropriate body to which to appeal institutional decisions in football," Goal.com quoted Tebas as saying.
"Switzerland is a country with a great history of arbitration, the CAS is not up to standard," he added.
(With ANI inputs)
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