Manchester Citys two-year suspension from European football was overturned by the Court of Arbitration for Sport (CAS) on Monday, allowing the club to compete in next seasons Champions League.
CAS ruled that City did not breach Financial Fair Play (FFP) rules by disguising equity funding as sponsorship. Sports highest court also reduced a fine for failing to cooperate with UEFA to 10 million euros ($11.30 million) from 30 million euros.
“Most of the alleged breaches reported by the (UEFA) Adjudicatory Chamber of the CFCB (Club Financial Control Body) were either not established or time-barred,” CAS said in a statement.
UEFA, European soccers governing body, had ruled in February that City had committed serious FFP breaches and failed to cooperate with its investigation.
Missing out on the Champions League would have cost City, who have denied any wrongdoing, as much as 100 million pounds ($126.02 million) in prize money and broadcast revenue, as well as matchday and other revenues.
The FFP regulations are designed to stop clubs running up big losses through spending on players. They also ensure sponsorship deals are based on their real market value and are genuine commercial agreements—and not ways for owners to pump cash into a club to get around the rules.
CAS said its full legal ruling, with details of the case and the decision, would be published in the coming days.
“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 todays ruling as a validation of the Clubs position and the body of evidence that it was able to present,” City said Read More – Source