Speaking on BBC Radio 5 Live, the Guardian's investigative journalist David Conn has said: "It is a surprise, but knowing some things that we know, we can understand how this has come about. It's more complicated than it looks.
"It is a major victory for Manchester City and it is a big blow for Uefa, and their structures. Uefa's panels are run by distinguished lawyers at the same level as the lawyers that staff the Court of Arbitration for Sport, and it [the verdict] is not really saying that Uefa got it completely wrong.
"But it's finding that City obstructed their investigation and failed to cooperate with it. It's still quite a serious finding against a major football club."