Man City's European ban overturned
Manchester City's two-year ban from European soccer was overturned on Monday (July 13) by the Court of Arbitration for Sport.
CAS ruled that City did not breach Financial Fair Play - or FFP - rules set by European soccer's governing body UEFA.
The English club had been accused of disguising equity funding as sponsorship.
Sport's highest court also reduced a fine for failing to cooperate with UEFA to around $11 million - down from about $34 million.
In a statement, CAS said 'most of the breaches' reported by UEFA were 'either not established or time-barred', having past five years statute of limitations.
UEFA had ruled in February that City had committed serious financial breaches.
The English club was banned from UEFA's top club competition the Champions League as punishment.
Missing out on the tournament could have cost City as much as $126 million in prize money and broadcast revenue.
City always denied any wrongdoing.
FFP rules are designed to stop clubs running up big losses through spending on players.
They also make sure sponsorship deals are based on their real market value and genuine commercial agreements, rather than just ways for owners to pump money into a club to get around the rules.
CAS said it will publish its full legal ruling in the coming days, while UEFA said it will stay committed to FFP.
For City, it means a guarantee of Champions League soccer and the riches it brings for next season.
