Manchester City have escaped a €40m (£33.4m) fine from UEFA after complying with sanctions imposed for breaching Financial Fair Play rules.

In 2014, City were found guilty of breaching the governing body's financial regulations and were subsequently hit with a €60m fine, placed under transfer restrictions and forced to name a smaller Champions League squad than usual.

Two thirds of the €60m fine - then worth £49m - was suspended on the condition that the club complied with the restrictions, and having done so they are no longer required to pay the additional €40m.

"Manchester City FC, whose settlement agreement were signed back in May 2014, have fully complied with all the requirements and overall objective of their agreements. Consequently, they have exited the settlement regime," read a statement from UEFA.

Ligue 1 side Paris Saint-Germain have also fulfilled their requirements following a similar punishment.