Manchester City's two-season ban from UEFA competitions has been quashed by the Court of Arbitration for Sport (CAS).

CAS announced the Premier League club was cleared of "disguising equity funds" on Monday, with its original fine reduced to €10 million ($11.3 million).

City appealed to CAS after UEFA's Club Financial Control Body issued the ban and a €30 million ($34 million) fine in February, having ruled Pep Guardiola's side had committed "serious breaches" of Financial Fair Play regulations between 2012 and 2016.

The club had been confident that CAS, as an independent judiciary, would rule in their favor and clear them of any perceived wrongdoing.

In this season's UEFA Champions League, City will play the second leg of their round of 16 fixture against Real Madrid at the Etihad Stadium on 7th August, with a potential quarter-final against either Juventus or Lyon.

Manchester City released a statement following the CAS decision: 

"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."