Premier League giants Manchester City have been banned from participating in the Champions League for two seasons and the club have been handed a fine of 30 million euros.
The punishment prevents City from playing in any European competition, including the Europa League, until the 2022-23 season.
City were found guilty by Uefa's Club Financial Control Body (CFCB) of having falsely inflated sponsorship revenues when submitting their FFP complacence process.
"Serious" violations of UEFA's financial fair play regulations have resulted in a hefty penalty for Manchester City.
Findings published by UEFA also state that the club "failed to cooperate in the investigation of this case by the CFCB".
The ban will come into effect from the end of this season, banning Manchester City from Uefa competition in 2020/21 and 2021/22.
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Manchester City have appealed the decision to the Court of Arbitration for Sport.
The club appointed decorated Spaniard manager Pep Guardiola in 2016 and while he has delivered Premier League titles, he has yet to add the sought-after Champions League title to the Manchester team's trophy cabinet.
The club, while admitting they were not surprised by the sanction, have revealed their intention to appeal the decision to the Court of Arbitration for Sport.
The club say they are "disappointed but not surprised" by the announcement.
Following the ruling, the club 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".
It was reported back in May that UEFA was investigating Manchester City for a leaked scheme in which the club's executives hid cash injections from the club's owner, the royal family of Abu Dhabi. UEFA found that the club had seriously misled the continent's governing body and had broken the rule set down by Financial Fair Play.
"This is a case initiated by Uefa, prosecuted by Uefa and judged by Uefa", the club said.