The Union of European Football Associations UEFA, fines reigning Premier League champions Manchester City, £25 million($33 million), and bans the team from Champions League for 2 years.
According to Adjudicatory Chamber of the Club Financial Control Body (CFCB), the team allegedly overstated their sponsorship revenue in accounts submitted between 2012 and 2016.
A statement by UEFA reads, "The Adjudicatory Chamber has imposed disciplinary measures on Manchester City Football Club directing that it shall be excluded from participation in UEFA club competitions in the next two seasons (ie: the 2020/21 and 2021/22 seasons) and pay a fine of 30 million euros."
UEFA says in their report, that Manchester City failed to cooperate with CFCB in the investigation.
The ban does not affect the the team this season. And the decision of CFCB is subject to appeal to the Court of Arbitration for Sport (CAS).
The club in a statement said,
"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...."
"With this 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."