Manchester City received a two-year ban from the Champions League due to breaking Financial Fair Play rules.
UEFA also fined the club $32 million.
City were found to have falsely inflated their sponsorship revenues. The investigation was sparked by a "leaked" email by the German magazine Der Spiegel in November 2018.
The emails showed that City ownership were mostly funding the club's $88 million Etihad sponsorship in an effort to circumnavigate FFP regulations.
City said they would appeal UEFA's ruling.