Manchester City say they are "disappointed, but regrettably not surprised" after being referred to the Club Financial Control Body adjudicatory chamber following an investigation into financial fair play.

UEFA opened an investigation into alleged financial irregularities at the club earlier this year but City deny any wrongdoing and say the accusations are entirely false.

A panel investigating financial allegations concerning City are expected to recommend the club receive a one-year ban from the Champions League, according to Sky sources.

A UEFA statement on Thursday read: "The Club Financial Control Body (CFCB) chief investigator, after having consulted with the other members of the independent investigatory chamber of the CFCB, has today decided to refer Manchester City FC to the CFCB adjudicatory chamber following the conclusion of his investigation.

"The CFCB investigatory chamber had opened an investigation into Manchester City FC on March 7, 2019 for potential breaches of Financial Fair Play (FFP) regulations that were made public in various media outlets.

"UEFA will not be making any further comment on the matter until a decision is announced by the CFCB adjudicatory chamber."

1:00 Football finance expert Kieran Maguire explains why Manchester City are facing the possibility of a Champions League ban over alleged financial irregularities. City deny any wrongdoing and are not expecting any ban Football finance expert Kieran Maguire explains why Manchester City are facing the possibility of a Champions League ban over alleged financial irregularities. City deny any wrongdoing and are not expecting any ban

Responding to the decision, a Manchester City club statement read: "Manchester City Football Club is disappointed, but regrettably not surprised, by the sudden announcement of the referral to be made by the CFCB IC Chief Investigator Yves Leterme.

"The leaks to media over the last week are indicative of the process that has been overseen by Mr. Leterme.

"Manchester City is entirely confident of a positive outcome when the matter is considered by an independent judicial body.

"The accusation of financial irregularities remains entirely false and the CFCB IC referral ignores a comprehensive body of irrefutable evidence provided by Manchester City FC to the Chamber.

"The decision contains mistakes, misinterpretations and confusions fundamentally borne out of a basic lack of due process and there remain significant unresolved matters raised by Manchester City FC as part of what the club has found to be a wholly unsatisfactory, curtailed, and hostile process."

City were fined £49m and hit with restrictions on transfer spending and their Champions League squad after FFP breaches were originally investigated in 2014.

UEFA began a new probe after further allegations about the same period were made in German publication Der Spiegel last year.