Manchester City have been banned from UEFA club competitions for the next two seasons and fined 30million euros (£24.9million) after being found to have committed "serious breaches" of financial regulations.

The reigning Premier League champions overstated sponsorship revenue in accounts submitted between 2012 and 2016, according to European football's governing body.

The decision of the Adjudicatory Chamber of the Club Financial Control Body (CFCB) is subject to appeal to the Court of Arbitration for Sport (CAS).

Financial Fair Play (FFP) was introduced by UEFA as an attempt to prevent clubs getting into serious financial difficulty by overspending.

Regulations, which must be adhered to by all clubs participating in UEFA competitions, were drawn up in 2009 and introduced at the start of the 2011-12 season, with clubs required to balance their books over the course of three years.

After previously being punished in 2014, City accepted a settlement that included a £49million fine, a £49million limit on transfer spending for the current season and a 21-man limit on Champions League squad size, instead of the usual 25.

UEFA opened a fresh investigation into City following a series of new allegations about the club in the media, led by German magazine Der Spiegel.

It was alleged that City's breaches of FFP around the same period ran much deeper than UEFA realised at the time of the 2014 settlement.