Photo: Mike Hewitt/Getty Images

Reigning Premier League champion Manchester City will be banned from European soccer competitions for two seasons in response to "serious breaches" of financial regulations, Europe's governing soccer body announced Friday.

Why it matters: The restriction means City won't compete in the Champion's League, European soccer's top competition. The club garnered £54 million ( $70 million) in revenue from the competition in the 2017-2018 season. City will also have to pay a fine of €30 million ($32.5 million).

  • The drop in revenue could impact City's status as the world's most valuable soccer club, a title it has held since private equity firm Silver Lake Partners agreed to invest $500 million for a 10% stake in City Football Group, the team's owner.

Details: City "committed serious breaches of the UEFA Club Licensing and Financial Fair Play Regulations by overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016," per EUFA's press release.

The other side: After UEFA’s ruling, City issued a statement suggesting it plans to appeal the decision.

“Manchester City is disappointed but not surprised by today’s announcement by the UEFA Adjudicatory Chamber. 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.”

Go deeper: Private equity giant Silver Lake to invest $500 million in City Football Group

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