The city of Manchester in England was painted red Monday morning as the two year ban from European Football Association (EUFA), was overturned by the Court of Arbitration of Sport (CAS), the Lausanne-based court.
The decision means Pep Guardiola’s team will compete in next season’s Champions League.
CAS ruled that City did not breach Financial Fair Play (FFP) rules by disguising equity funding as sponsorship.
The court also reduced a fine for failing to cooperate with UEFA to €10 million (£8.93 million) from €30 million.
“Most of the alleged breaches reported by the (UEFA) Adjudicatory Chamber of the CFCB, were either not established or time-barred,” CAS said in a statement.
UEFA, European soccer’s governing body, had ruled in February that City had committed serious FFP breaches and failed to cooperate with its investigation.
Missing out on the Champions League would have cost City, who have denied wrongdoing, as much as £100 million in prize money and broadcast revenue, as well as match day and other revenues.
The FFP regulations are designed to stop clubs running up big losses through spending on players.
They also ensure sponsorship deals are based on their real market value and are genuine commercial agreements — and not ways for owners to pump cash into a club to get around the rules.
Patmos Media Line Sports also reported that many of the fans that thronged the stadium were excited that their club will feature in high class continental football.
The club had from the onset insisted that they would win the appeal.
Analysts on Sky Sports argued that the trial would be faulty because the case was the hack of Manchester City serverfor over five years and according to UEFA rules no case of five years should not be prosecuted.
The analyst expect a further explaination from CAS when details of the decision will be out later this week. They also said Manchester City could still appeal for the fee of €10 million (£8.93 million) imposed on the club.
With further reports from Reuters/NAN.