The Union of European Football Associations (UEFA) has banned Manchester City from the upcoming two seasons of the Champions League for breaching club licensing and financial fair play regulations.
The English Premier League champions have also been fined 30 million euros (USD 33 million) by UEFA.
UEFA's independent Adjudicatory Chamber of the Club Financial Control Body (CFCB) conducted the probe in the case and found Manchester City guilty of serious breaches by "overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016".
"Following a hearing held on 22 January 2020, the Adjudicatory Chamber of the UEFA Club Financial Control Body (CFCB), chaired by Jose da Cunha Rodrigues, has today notified Manchester City Football Club of the final decision on the case which was referred by the CFCB Chief Investigator," UEFA said in a statement.
"The Adjudicatory Chamber, having considered all the evidence, has found that 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 Adjudicatory Chamber has also found that in breach of the regulations the club failed to cooperate in the investigation of this case by the CFCB," it added.
The club has the chance to appeal to the Court of Arbitration for Sport (CAS). If Manchester City exercises that right, the full reasoned decision of the Adjudicatory Chamber will not be published prior to publication of the final award by the CAS.