Manchester City have been banned from European competition for the next two seasons, and reportedly could now face a points deduction in the Premier League.
Miguel Delaney of the Independent reported the English champions could be punished for "serious breaches" of UEFA's Financial Fair Play which "also represents a breach of the domestic competition’s regulations."
UEFA found City had overstated its sponsorship revenue in accounts submitted to the European governing body between 2012 and 2016.
The Premier League reportedly could now act and have already discussed potential punishments for the Sky Blues.
City were also handed a €30 million (£25 million) fine with their European ban.
City released a statement after the decision was announced:
"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.
"In December 2018, the Uefa chief investigator publicly previewed the outcome and sanction he intended to be delivered to Manchester City, before any investigation had even begun.
"The subsequent flawed and consistently leaked Uefa process he oversaw has meant that there was little doubt in the result that he would deliver. The club has formally complained to the Uefa disciplinary body, a complaint which was validated by a CAS ruling.
"Simply put, this is a case initiated by Uefa, prosecuted by Uefa and judged by Uefa. With this prejudicial process now over, the club will pursue an impartial judgment as quickly as possible and will therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity."
Joe Doyle and Alan Smith of Football.London reported the team to finish fifth in the Premier League could be given the remaining place in the Champions League for next season.
Doyle and Smith reported article 4.08 of UEFA's admission criteria and procedure states: "A club which is not admitted to the competition is replaced by the next best-placed club in the top domestic championship of the same association, provided the new club fulfils the admission criteria."
Financial Fair Play was brought in to stop clubs spending beyond their means in the pursuit of success. Clubs must protect against financial losses and are expected to work within their revenue streams.
City will continue to compete in this season's Champions League when they face Real Madrid in the last 16.