Manchester City, the reigning English Premier League champions, have been hit with a major blow as UEFA announced a two-season ban from European competitions due to “serious breaches” of financial regulations. The club was also fined 30 million euros ($33 million) by the governing body.
UEFA stated that Manchester City had overstated its sponsorship revenue in its accounts for five years, violating the organization’s licensing rules and Financial Fair Play Regulations. The club has the right to appeal the ban.
In response to the ban, Manchester City expressed disappointment but not surprise, criticizing UEFA’s investigative process as “flawed and consistently leaked.” The club is currently competing in the UEFA Champions League, but will be unable to participate in any European tournaments until the 2022-2023 season if the ban is upheld.
Owned by City Football Group, a holding company of Abu Dhabi United Group, Manchester City is estimated to be the fifth most valuable football team in the world at $2.7 billion. Sheikh Mansour bin Zayed Al Nahyan, the deputy prime minister of the United Arab Emirates and member of the Abu Dhabi royal family, purchased the club in 2008 for a reported £210 million.
With a significant investment of over $1.7 billion into the club, Manchester City has become known for its high spending on top-tier players. The club’s manager, Pep Guardiola, is also the highest paid manager in the world, earning $25 million a year.
Despite the ban, Manchester City remains a powerhouse in English football, but the repercussions of UEFA’s decision will undoubtedly have a significant impact on the club’s future endeavors.