Manchester City will be able to participate in the next season's Champions League as the Court of Arbitration for Sport (CAS) has lifted their two-year ban from UEFA events.
The club will now have to pay a fine of 10 million euros, Goal.com reported.
Earlier, Manchester City was to pay a fine of 30 million euros, but the amount has now been reduced by CAS.
Manchester City was initially punished by UEFA in February when they were banned from participating in the Champions League or Europa League for two years.
The ban was imposed as the club was found guilty of breaching Financial Fair Play (FFP) rules.
The Adjudicatory Chamber of UEFA's Club Financial Control Body (CFCB) had found City guilty of overstating its sponsorship revenue between 2012 and 2016.
"Following a hearing held on 22 January 2020, the Adjudicatory Chamber of the UEFA Club Financial Control Body (CFCB), chaired by Jose da Cunha Rodrigues, has today notified Manchester City Football Club of the final decision on the case which was referred by the CFCB Chief Investigator," the UEFA had said in a statement.
"The Adjudicatory Chamber, having considered all the evidence, has found that Manchester City Football Club committed serious breaches of the UEFA Club Licensing and Financial Fair Play Regulations by overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016," it added.
Manchester City had then decided to appeal in the CAS at the earliest against UEFA's decision of banning the club for two Champions League seasons.
"The club has always anticipated the ultimate need to seek out an independent body and process to impartially consider the comprehensive body of irrefutable evidence in support of its position," the club had said in a statement.
After the club lodged an appeal, CAS confirmed that it had registered the club's appeal.
( With inputs from ANI )