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

Go deeper

Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 32,938,616 — Total deaths: 995,465 — Total recoveries: 22,782,724Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 7,101,774 — Total deaths: 204,618 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: 3 states set single-day coronavirus case records last week — New York daily cases top 1,000 for first time since June.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Debate commission co-chair: We don't expect moderators to fact-check candidates

Presidential Debate Commission co-chair Frank Fahrenkopf Jr. said Sunday he doesn't expect Fox News anchor Chris Wallace or any of the other moderators to fact-check President Trump or former Vice President Joe Biden at the debates.

What he's saying: "There's a vast difference between being a moderator in a debate and being a reporter who is interviewing someone," Fahrenkopf said on CNN's "Reliable Sources."

Updated 2 hours ago - Health

3 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Utah, North Carolina and Wyoming set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Utah and Wyoming surpassed records set the previous week.

Why it matters: Record case highs have usually meant that more hospitalizations and other serious outcomes are on the way, CTP's latest weekly update notes.