Premier League side Manchester City has been banned from participating in the UEFA Champions League for two seasons for violating UEFA financial regulations.
UEFA announced the decision Friday in a statement, delivering a long-anticipated punishment for City’s Financial Fair Play breaches.
“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,” the statement read.
“[The Adjudicatory Chamber of the UEFA Club Financial Control Body has also found that in breach of the regulations the Club failed to cooperate in the investigation of this case by the CFCB.”
The decision comes after a hearing was held by the CFCB on Jan. 22. The Adjudicatory Chamber also found that City failed to cooperate in the CFCB’s investigation.
Man City cannot participate in UEFA club competitions in the next two seasons (the 2020/21 and 2021/22 seasons) and must also pay a fine of €30 million ($32.5 million).