Football finance expert Kieran Maguire has painted a bleak picture of what the future could hold for Manchester City if their Champions League ban is upheld by the Court of Arbitration of Sport.
UEFA have banned City from all European competition for two seasons due to 'serious breaches' of Financial Fair Play and UEFA Club Licensing regulations, as well as not cooperating with the investigation.
The club has vowed to appeal the decision 'at the earliest opportunity' but face the prospect of being excluded from Europe's top competition.
The Champions League is a major revenue stream for clubs and Maguire has explained the long-term implications for City.
"I'm not overly surprised because Man City did appear to be reacting aggressively to the leaks," Maguire told Sky Sports. "Man City will take a very aggressive response and appeal the decision.
"Looking at the commentary from UEFA, it appears to claim that they were overstating their income.
"What has happened is their commercial income has almost trebled.
"Man City will leave no stone unturned to reclaim their innocence. I have seen their lawyers before and I'd expect them to be reassigned.
"UEFA income is critical and it can be worth up to £100m a year. Home fixtures in the Champions League can be worth another £30m or £40m.
"In terms of Man City satisfying future Financial Fair Play rules, it will be harder considering they could lose around £150m a year."
