It should be recalled that the English club were slaammed with a 2-year European suspension and fined £25million for breaching FFP rules in February 2020.
According to reports by The Sun UK, CAS ruled that City should pay a fine of £8.9m for their “disregard” of the principle of cooperation in investigations.
After a lengthy investigation, City were found guilty by UEFA’s Club Financial Control Body (CFCB) of falsely inflating their sponsorship revenues when submitting accounts as part of the FFP compliance process.
However, things turned positive for City as they have now scored a major win in court following their appeal.
City appealed to the Lausanne-based court in February after the ban was imposed for breaches of Financial Fair Play regulations.
It was reported that the Etihad club were found to have disguised millions of pounds in funding from their Abu Dhabi owners as legitimate sponsorship deals.
The findings of UEFA’s financial investigators, led by former Belgian Prime Minister Yves Leterme, were upheld by the governing body’s Adjudicatory Chamber, which imposed the suspension and a fine of £25m.
But City, who consistently maintained their innocence and insisted they would be proven right, refused to accept the punishment and exercised their right to go to sport’s ultimate legal chamber.
City made their case at a three-day virtual hearing last month.
And that stance was vindicated as the Court ruled that while City DID fail to cooperate with UEFA investigators, they were NOT guilty of the allegations against them.
The Court said; “The CAS award emphasized that most of the alleged breaches reported by the Adjudicatory Chamber of the CFCB were either not established or time-barred.
“As the charges with respect to any dishonest concealment of equity funding were clearly more significant violations than obstructing the CFCB’s investigations, it was not appropriate to impose a ban on participating in UEFA’s club competitions for MCFC’s failure to cooperate with the CFCB’s investigations alone.”
The court has now asked City to pay £8.9m for their “disregard” of the principle of cooperation in investigations as against the initial £25m fine.
Source: The Sun UK