Manchester City have been banned from European club competition for the next two seasons and fined £25 million for “serious breaches” of UEFA’s licensing and financial fair play (FFP) regulations.



City say they are “disappointed but not surprised” and plan to appeal to the Court of Arbitration for Sport.



So what does this mean for City now? Will Pep Guardiola stay at the club if there is no Champions League football? Here, The Athletic explains the implications for the future of Manchester City as we know it…



What have Manchester City done wrong?



The independent Adjudicatory Chamber of UEFA’s Club Financial Control Body (CFCB) said City “overstated its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016”. It also said the club “failed to cooperate in the investigation”.



The allegations were based on hacked emails...