Earlier this month, in a stunning reversal of the previous ruling by UEFA, City won their appeal against a two-year ban from European football when CAS threw out UEFA's sanction in what was arguably the most significant judgement since FFP was introduced a decade ago.
Nine Premier League clubs - Arsenal, Burnley, Chelsea, Leicester, Liverpool, Man United, Newcastle, Tottenham and Wolves - filed an application to UEFA for City not to be allowed to compete in European competition if a verdict was not reached before the start of the 2020/21 season.
The Court of Arbitration for Sports admitted that Manchester City had shown "blatant disregard" for UEFA's investigation into alleged Financial Fair Play beeches and did not produce enough evidence.
Sport's highest court also reduced the fine for City's failure to cooperate with UEFA to 10 million euros ($A16 million) from 30 million euros ($A49 million).
"The majority of the panel finds that MCFC's failure to cooperate with the CFCB's investigation is a severe breach and that MCFC is to be seriously reproached for obstructing the CFCB's investigations", Cas said referencing Uefa's CFCB.
CAS also said that UEFA's charges were not "frivolous", and the governing body had a "legitimate basis to prosecute" based on the leaked emails which appeared to show the clubs ownership overstating the value of their sponsorships through their other Middle East based businesses, specifically Etihad Airways and communications company Etisalat.
Manchester City's fortunes have been turned drastically since a takeover from Shiekh Mansour, a member of the Abu Dhabi royal family, in 2008.
Uefa-appointed investigators opened a case after leaked club emails and documents from City officials were published by German magazine Der Spiegel in November 2018.
That was among the key findings in the Court of Arbitration's full 93-page report into the case published on Tuesday.
CAS ruled that the leaked documents could be used as evidence but noted that they did not prove the existence of any actual transactions that broke Uefa's rules and no evidence was produced that such payments were carried out.