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Manuel Pellegrini's squad for next season's Champions League has been restricted to 21 players, while the club have agreed to significantly reduce their transfer spend

Manchester City have been fined €60 million [£49m] by Uefa and will see their squad reduced to 21 players for next season’s Champions League for breaching Financial Fair Play regulations.

The club's €60m fine will be withheld from the Champions League revenue generated from this season and next term, while €40m [£32.5m] has been suspended and will be returned to City if they comply with the financial measures set by Uefa.

City, who have accepted the sanctions from Uefa, have also agreed to "significantly limit spending in the transfer market for seasons 2014/2015 and 2015/2016" and will restrict their net spend in this summer's window to €60m.

City insist the spending limit on new players "will have no material impact on the club’s planned transfer activity".

Despite posting figures outside the financial regulations, City maintain their wage bill will remain the same next season but claim there will be a “natural decline” after that period.

City revealed in a statement that they are now break even and will be profitable next season.

Uefa confirms that if the club meet their break-even target, the 21-man squad restriction will be lifted for the 2015/16 campaign.

As well as City, Paris Saint-Germain, Zenit St Petersburg, Rubin Kazan, Anzhi Makhachkala, Galatasaray, Bursaspor, Trabzonspor and Levski Sofia all failed to meet FFP regulations and have been sanctioned.

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