Manchester City have released a club statement welcoming the news that their Champions League ban has been overturned.
Back in February, City were hit with a two-year exclusion from the competition as well as a 30million euros (£24.9million) fine.
UEFA alleged that the Manchester side broke Financial Fair Play rules by overstating sponsorship revenue in accounts submitted between 2012 and 2016.
But Liverpool's league rivals will now be able to compete in Europe without restrictions after an appeal to the Court of Arbitration for Sport (CAS) has returned.
The CAS said that "alleged breaches reported by the Adjudicatory Chamber of the CFCB were either not established or time-barred".
And in a decision confirmed today, the CAS reduced City's fine to 10million euros and reinstated the team's right to participate in UEFA’s club competitions.
A statement from City this morning said: "Whilst Manchester City and its legal advisors are yet to review the full ruling by the Court of Arbitration for Sport (CAS), the Club welcomes the implications of today’s ruling as a validation of the Club’s position and the body of evidence that it was able to present.
"The Club wishes to thank the panel members for their diligence and the due process that they administered."
City were today found to have "contravened Article 56 of the Club Licensing and Financial Fair Play Regulations" which relates to co-operation with UEFA inquiries.
CAS said a "significant fine" was still appropriate due to City's "disregard" of principle and "obstruction" of investigations.
UEFA have also responded in the wake of the CAS appeal ruling.
A statement from the football governing body said: "UEFA takes note of the decision taken by the Court of Arbitration for Sport to reduce the sanction imposed on Manchester City FC by UEFA’s independent Club Financial Control Body for alleged breaches of the UEFA Club Licensing and Financial Fair Play regulations.
"UEFA notes that the CAS panel found that there was insufficient conclusive evidence to uphold all of the CFCB’s conclusions in this specific case and that many of the alleged breaches were time-barred due to the 5 year time period foreseen in the UEFA regulations.
"Over the last few years, Financial Fair Play has played a significant role in protecting clubs and helping them become financially sustainable and UEFA and ECA remain committed to its principles.
Pep Guardiola's team are currently 21 points adrift of champions Liverpool in the Premier League table.