Man City have been banned from European competition for the next two seasons following “serious breaches” of Financial Fair Play Regulations.
The reigning Premier League champions have also been fined €30million (£25m) as a result.
However, the ban is subject to appeal to the Court of Arbitration for Sport.
As expected, the news has not gone down well at the Etihad Stadium and the club has claimed that they are “disappointed but not surprised” by the announcement.
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“Manchester City is disappointed but not surprised by today’s announcement by the UEFA Adjudicatory Chamber,” read a statement on the club’s official website.
“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.
“In December 2018, the UEFA Chief Investigator publicly previewed the outcome and sanction he intended to be delivered to Manchester City, before any investigation had even begun.
“The subsequent flawed and consistently leaked UEFA process he oversaw has meant that there was little doubt in the result that he would deliver.
“The Club has formally complained to the UEFA Disciplinary body, a complaint which was validated by a CAS ruling.
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“Simply put, this is a case initiated by UEFA, prosecuted by UEFA and judged by UEFA.
“With this prejudicial process now over, the Club will pursue an impartial judgement as quickly as possible and will therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity.”
On course to seal a place in next season’s Champions League as they currently sit second in the Premier League table with 13 games left to play, it means that whoever finishes in fifth will take their place in Europe’s elite competition for the 2020/21 campaign.
Article 4.08 of UEFA’s admission criteria and procedure states: “A club which is not admitted to the competition is replaced by the next best-placed club in the top domestic championship of the same association, provided the new club fulfils the admission criteria.”
Sheffield United are currently in fifth at present, with Spurs, Everton, Manchester United and Wolves just behind them in the table.