Manchester City’s Champions League ban has been overturned by the Court of Arbitration for Sports due to their appeal.
Manchester City were punished by UEFA in February for breaking financial fair play rules.
It was said that City had overstated its sponsorship revenue in its accounts and in the break-even information presented to UEFA between 2012 and 2016 season, according to reports.
The Cityzens denied the allegations laid against them and the case was heard by the CAS last month.
As at now, CAS have now confirmed the initial verdict has been overturned in City’s favour.
Manchester City’s fine has also been reduced from £25million to £8million thus helping them to recover from the effect of the Coronavirus pandemic.
The team tutored by Pep Guardiola can now play in the Champions League next season when it commences.
CAS released a statement on Monday morning, in which they stated: “As the charges with respect to any dishonest concealment of equity funding were clearly more significant violations than obstructing the CFCB’s investigations, it was not appropriate to impose a ban on participating in UEFA’s club competitions for MCFC’s failure to cooperate with the CFCB’s investigations alone.”
Manchester City commented on the verdict, adding: “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.”
Due to the initial ban, there were speculations on the future City’s players whether they would leave if their Champions League ban was upheld by the CAS.
However, UEFA released a statement after the decision, reiterating they[City] are still committed to FFP principles.
It read: “UEFA takes note of the decision taken by the Court of Arbitration for Sport to reduce the sanction imposed on Manchester City by UEFA’s independent Club Financial Control Body for alleged breaches of the UEFA Club Licensing and Financial Fair Play regulations.
“UEFA notes that the CAS panel found that there was insufficient conclusive evidence to uphold all of the CFCB’s conclusions in this specific case and that many of the alleged breaches were time-barred due to the 5 year time period foreseen in the UEFA regulations.”