MANCHESTER — Manchester City’s 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 season’s Champions League.
CAS ruled that City did not breach Financial Fair Play (FFP) rules by disguising equity funding as sponsorship. Sport’s 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 soccer’s 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.