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The clubs were dealt a significant penalty for failing to comply with UEFA's spending rules.

Manchester City and Paris Saint-Germain have been penalized for breaches of UEFA's Financial Fair Play rules.

City, which sealed the Premier League title Sunday, and PSG have each been hit with a fine of 60 million euros, and each club will see its UEFA Champions League squad reduced to 21 players for next season.

City confirmed in a statement on its website that as part of a "compromise agreement" with European football's governing body, its "expenditure on new players for the upcoming summer transfer window, on top of income from players it might sell, will be limited to 60 million euros."

City and PSG have a chance to recoup 40 million euros each by complying with the measures set by the Club Financial Control Body. A statement released by UEFA explained that City had agreed to "significantly limit spending in the transfer market for seasons 2014-15 and 2015-16."

Furthermore, if either club complies with the break-even targets set by the body, it will be allowed to register a full Champions League squad of 25 players for the 2015-16 season.

City is due to lose 10 million euros of its share of income from UEFA for competing in this season's Champions League, and another 10 million from its share for playing in the tournament in 2014-15.

In a statement, City insisted that the club remained on course to break even for the current financial year and continues to operate without debt.

"Manchester City Football Club can confirm that at the end of the current financial year (May 31) it is on course to financially break even, as planned," the statement read. "Operating with no debt, the club is realising its football and commercial opportunities whilst continuing unprecedented investments in both youth development and the local community.

"From the outset, the club has engaged with UEFA in its introduction of the Financial Fair Play regulations in good faith and without prejudice and in a transparent and collaborative manner. The club's position is that it is beholden upon UEFA and the European football establishment to ensure the same.

"In normal circumstances, the club would wish to pursue its case and present its position through every avenue of recourse. However, our decision to do so must be balanced against the practical realities for our fans, for our partners and in the interests of the commercial operations of the club."

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