Manchester City have been banned from all UEFA competitions for the next two seasons and fined £24.9m for "serious breaches" of UEFA's Financial Fair Play and club licensing regulations.
An Adjudicatory Chamber of the Club Financial Control Body (CFCB) found the Premier League champions guilty of serious breaches of the UEFA Club Licensing and Financial Fair Play Regulations.
In a statement, UEFA said City "overstated its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016".
The club were also found guilty of "failing to cooperate in the investigation by the CFCB" and will be banned from Europe in the 2020/21 and 2021/22 seasons.
Man City to take case to CAS
Man City say they are "disappointed but not surprised" by the verdict and will take the case to Court of Arbitration for Sport
They released a statement, reading: "Manchester City is disappointed but not surprised by today's announcement by the UEFA Adjudicatory Chamber. 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.
"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."
More to follow...