Feb. 14 (UPI) -- Manchester City, the reigning Premier League champions, was banned from UEFA club competitions for the next two seasons and fined about $33 million for breaching financial fair play rules, the governing body announced Friday.
Manchester City was disciplined for "overstating its sponsorship revenue in its accounts" and failing "to cooperate in the investigation," according to findings by the UEFA Adjudicatory Chamber. The club will be excluded from the Champions League for the 2020-21 and 2021-22 seasons.
Manchester City announced it will appeal UEFA's decision to ban the club from European competition. In a statement released Friday by the club, Manchester City said it was "disappointed but not surprised" by the ruling.
"Simply put, this is a case initiated by UEFA, prosecuted by UEFA and judged by UEFA," Manchester City said in a statement. "With this prejudicial process now over, the club will pursue an impartial judgement as quickly as possible and will therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity."
Manchester City will face Real Madrid in the last-16 round of this season's Champions League on Feb. 26 and March 17.