The two-year ban placed on Manchester City which would have prevented the club from playing in the UEFA Champions League has been lifted.
The Court of Arbitration for Sports, CAS, lifted the ban and also had the fine of 30 million euros ($34 million, £27 million) reduced to 10 million euros.
“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 today’s ruling as a validation of the club’s position and the body of evidence that it was able to present,” City said in a statement.
“The club wishes to thank the panel members for their diligence and the due process that they administered.”
UEFA has now assured of its commitment to prevents clubs from losing more than 30 million Euros over a three year period.
“UEFA notes that the CAS panel found that there was insufficient conclusive evidence to uphold all of the CFCB’s conclusions in this specific case and that many of the alleged breaches were time-barred due to the five-year time period foreseen in the UEFA regulations,” UEFA said in a statement.
“Over the last few years, Financial Fair Play has played a significant role in protecting clubs and helping them become financially sustainable and UEFA and ECA remain committed to its principles.”