UEFA banned AC Milan from European competition for one year because Milan had not fulfilled its obligation to break even (A deficit of £100 million!) and had contracted debts to meet day to day expences such as wages and transfer fees (£200 million on transfers). CAS overturned the ban and called on UEFA to issue a more "proportionate disciplinary measure". CAS apparently took into account the improvement in AC's financial situation. Bans appear very difficult to impose because they are anti-competitive - this was also the case with life time bans for athletes taking performance enhancing drugs. And AC's violation was massive compared to City's. And CAS does not apply European law, which guarantees the right to invest, without any caveats...