Yes if they win today's match
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Manchester City FC have won their appeal at CAS - two-year ban overturned. Club will only have to pay a 10m euro fine after being ruled to have contravened Article 56 of the Club Licensing and Financial Fair Play Regulations.
And here is UEFA's statement: UEFA takes note of the decision taken by the Court of Arbitration for Sport to reduce the sanction imposed on Manchester City FC by UEFA’s independent Club Financial Control Body for alleged breaches of the UEFA Club Licensing and Financial Fair Play regulations. UEFA notes that the CAS panel found that there was insufficient conclusive evidence to uphold all of the CFCB’s conclusions in this specific case and that many of the alleged breaches were time-barred due to the 5 year time period foreseen in the UEFA regulations. Over the last few years, Financial Fair Play has played a significant role in protecting clubs and helping them become financially sustainable and UEFA and ECA remain committed to its principles. UEFA will be making no further comments on the matter.
.... i know the court ruling is not going to make much of a difference to your beliefs. you will still believe our finances are punctured. you will still believe our accounts are flawed. till yesterday, you had belief in CAS to punish us. from today, you will believe the three judges of CAS who conducted the hearing were bought with arab money. like i said, it it not going to make much of a difference. let it just be put on record that CAS rules that UEFA evidences were insufficiently conclusive, and you chose to believe in those insufficiently conclusive evidences.
"Manchester City have enjoyed some major successes on the field in recent years but arguably this is the biggest of the lot. They didn't cheat the system in order to put their brilliant squad together - and they are not banned from Europe. They did fail to co-operate with the initial inquiry - but as they believed it was flawed and prejudiced in the first place, I don't think a 10m Euro fine is going to bother them too much."
- Simon Stone (BBC)