MANCHESTER, Feb 14 (Reuters) – Manchester City will not be able to participate in European competitions during the next two seasons due to a UEFA penalty, which includes a fine of 30 million euros (32.53 million dollars), following an investigation on alleged violations of the financial Fair Play.
UEFA said the City committed “serious violations” of the rules, but the club said it intends to appeal the decision to the Court of Sports Arbitration (TAS).
UEFA Financial Fair Play rules are aimed at preventing clubs from receiving unlimited amounts of money through sponsorship agreements inflated with owners-related organizations.
The UEFA Financial Control Agency Award Chamber said City had violated the rules by “exaggerating sponsorship revenue in its accounts and the balance information submitted to UEFA between 2012 and 2016” and added that the club “He did not cooperate with the investigation.”
(1 dollar = 0.9222 euros)
(Report by Simon Evans. Edited in Spanish by Javier Leira)