“Serious” violations of UEFA’s financial fair play regulations have resulted in a hefty penalty for Manchester City.
European soccer’s governing body announced Friday that it has banned Manchester City from all UEFA club competitions — including the Champions League — for the next two seasons and fined the club 30 million pounds ($32.5 million) at the recommendation of the organization’s Club Financial Control Body.
The CFCB’s Adjudicatory Chamber found that Manchester City had overstated its sponsorship revenue from Etihad Airways in information submitted to UEFA from 2012 to 2016. It also found that the club failed to cooperate with the investigation.
The decision can be appealed to the international Court of Arbitration for Sport.
What did Manchester City do that was illegal?
It was reported back in May that UEFA was investigating Manchester City for a leaked scheme in which the club’s executives hid cash injections from the club’s owner, the royal family of Abu Dhabi. To launder the money, it was reported as sponsorship income from Etihad, the national airline of Abu Dhabi.
UEFA’s financial regulations forbid clubs from receiving more than a capped amount of investment from ownership, and this clearly violated those rules. Manchester City has strongly denied the allegations.
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