Manchester City has decided to appeal in the Court of Arbitration for Sport at the earliest against the Union of European Football Associations' (UEFA) 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 said in a statement.
The English Premier League champions have also been fined 30 million euros (USD 33 million) by UEFA for breaching club licensing and financial fair play regulations.
"Simply put, this is a case initiated by UEFA, prosecuted by UEFA and judged by UEFA. With this prejudicial process now over, the Club will pursue an impartial judgment as quickly as possible and will, therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity," read a club statement.
UEFA's independent Adjudicatory Chamber of the Club Financial Control Body (CFCB) conducted the probe in the case and found Manchester City guilty of serious breaches by "overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA 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," UEFA 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."
"The Adjudicatory Chamber has also found that in breach of the regulations the Club failed to cooperate in the investigation of this case by the CFCB," it added.
( With inputs from ANI )