Gab Marcotti explains what comes next for Manchester City in their effort to appeal their two-year ban. (1:22)

Manchester City will appeal UEFA's decision to ban the club for two seasons from European competition -- including the Champions League -- after the governing body found them guilty of breaching financial fair play rules.

UEFA announced on Friday that the reigning Premier League champions will be excluded from the Champions League for the 2020-21 and 2021-22 campaigns and have also been fined €30 million ($33 million) for "overstating its sponsorship revenue in its accounts" and failing "to cooperate in the investigation," according to findings by the UEFA Adjudicatory Chamber.

In response, City said they were "disappointed but not surprised" by the ruling and gave notice of their intention to lodge an appeal at the Court of Arbitration for Sport.

Sources have told ESPN that City believe UEFA's process has been flawed and that they remain confident they will be cleared of any wrongdoing once their appeal is heard by an independent body. Sources have told ESPN that, until then, the club will go about their business "as usual."

Meanwhile, a source told ESPN's Rodrigo Faez that Manchester City manager Pep Guardiola is worried how the ban could affect his players but that he will remain at the club "as long as he is happy."

A UEFA statement issued on Friday night partly read: "The Adjudicatory Chamber, having considered all the evidence, has found that Manchester City Football Club committed serious breaches of the UEFA Club Licensing and Financial Fair Play Regulations by overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016.

"The Adjudicatory Chamber has also found that in breach of the regulations the Club failed to cooperate in the investigation of this case by the [chamber's Club Financial Control Body].

"The Adjudicatory Chamber has imposed disciplinary measures on Manchester City Football Club directing that it shall be excluded from participation in UEFA club competitions in the next two seasons [ie. the 2020/21 and 2021/22 seasons] and pay a fine of €30 million."

play 2:11 How European clubs will react to Man City's ban Julien Laurens explains how Manchester City's UEFA ban will be perceived by other big clubs around Europe.

City, who face Real Madrid in the last-16 of this season's competition, issued their own statement shortly afterward to declare their anger at how the case has been handled by Europe's governing body.

"Manchester City is disappointed but not surprised by today's announcement by the UEFA Adjudicatory Chamber," the team statement said. "The club has always anticipated the ultimate need to seek out an independent body and process to impartially consider the comprehensive body of irrefutable evidence in support of its position.

"In December 2018, the UEFA Chief Investigator publicly previewed the outcome and sanction he intended to be delivered to Manchester City, before any investigation had even begun. The subsequent flawed and consistently leaked UEFA process he oversaw has meant that there was little doubt in the result that he would deliver.

"The club has formally complained to the UEFA Disciplinary body, a complaint which was validated by a CAS ruling.

"Simply put, this is a case initiated by UEFA, prosecuted by UEFA and judged by UEFA. With this prejudicial process now over, the club will pursue an impartial judgment as quickly as possible and will therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity."

The Premier League did not issue a statement on Friday but La Liga president Javier Tebas tweeted that: "UEFA is finally taking decisive measures. There needs to be fair play rules and punishing financial doping is essential for the future of football...Better late than never."