The Conclusions.
The Court of Arbitration for Sport rules that:
1. The appeal filed on 24 February 2020 by Manchester City Football Club Limited against the decision issued on 14 February 2020 by the Adjudicatory Chamber of the Club Financial Control Body of the Union des Associations Europdennes de Football is partially upheld.
2. The decision issued on 14 February 2020 by the Adjudicatory Chamber of the Club Financial Control Body of the Union des Associations Européennes de Football is set aside and is replaced by the following:
a. Manchester City Football Club Limited has contravened Article 56 of the Club Licensing and Financial Fair Play Regulations.
b. Manchester City Football Club Limited shall pay a fine of EUR 10,000,000 to the Union des Associations Europdennes de Football, within 30 days as from the date of issuance of the present arbitral award.
c. Manchester City Football Club Limited shall pay an amount of EUR 100,000 to the Union des Associations Européennes de Football on account of the legal costs incurred by the CFCB up until the issuance of the decision issued on 14 February 2020 by the Adjudicatory Chamber of the Club Financial Control Body of the Union des Associations Européennes de Football, within 30 days as from the date of issuance of the present arbitral award.
3. The costs of the arbitration, to be determined and served to the Parties by the CAS Court Office, shall be borne by both Parties in equal shares.
4. Each Party shall bear its own legal fees and other expenses incurred in connection with the present appeal arbitration proceedings.
5. All other and flirther motions or prayers for relief are dismissed.