Manchester City fined

Manchester City have been fined £49million and handed a reduction in their Champions League squad for next season from 25 to 21 players for breaching UEFA's financial fair play rules.

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City reacts to UEFA sanctions

Manchester City says it has decided to enter into a compromise agreement with UEFA over a breach of financial fair play rules.

It comes after the club was fined £49million and handed a reduction in their Champions League squad for next season from 25 to 21 players.

The club said expenditure on new players for the upcoming summer transfer window, on top of income from players it might sell, will be limited to 60million euros but that this will have no material impact on planned transfer activity.

"The wage bill of the whole club (playing and non-playing staff) for 2014-15 will need to remain at the same level as that of 2013-14 season.

"It is important to note that additional bonuses for performances can be paid outside this number. Importantly, in reality, the existing MCFC business plan sees a natural decline in that wage bill.

"The nature of conditions that will result in the lifting of sanctions means that the club expects to be operating without sanction or restriction at the commencement of the 2015-16 season."

– Manchester City statement

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City pay for big spending

Manchester players celebrate during the Premier League Victory Parade Credit: PA Images

Manchester City have been fined 60 million Euros (£49million) and handed a reduction in their Champions League squad for next season from 25 to 21 players for breaching UEFA's financial fair play rules.

UEFA announced the sanctions in a statement - but City will have 40million euros of the fine returned if the Premier League champions comply with spending controls agreed with UEFA.

Manchester City have accepted the sanctions, which also include a salary freeze on their Champions League squad for the next two seasons, and to "significantly limit spending in the transfer market for seasons 2014/2015 and 2015/2016", said UEFA in a statement.