Manchester City's two-year ban from the Champions League has been lifted.
Governing body UEFA issued the European ban in February for alleged "serious" breaches of club licensing and financial fair play regulations.
In a statement, the club said: "Whilst Manchester City and its legal advisers are yet to review the full ruling by the Court of Arbitration for Sport (CAS), the club welcomes the implications of today's ruling as a validation of the club's position and the body of evidence that it was able to present."
Although the club's ban from European competition has been lifted, it will still have to pay a €10m (£8.9m) fine – down from an initial €30m (£26.9m) penalty.
Sky's north of England correspondent Tom Parmenter said the ruling is a "significant win" for Manchester City.
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It means the club will be playing in next season's Champions League, after it clinched a top four finish in the Premier League with Saturday's win over Brighton.
UEFA opened an investigation into City in 2019 following allegations the club's Abu Dhabi owners overstated sponsorship revenues to comply with the financial fair play requirements.
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City has repeatedly denied any wrongdoing and dismissed the probe as "flawed" and "prejudicial".
The club later appealed to the Court of Arbitration for Sport in the hopes of still being able to take part in the competition.
CAS found that City had not disguised equity funding as sponsorship, but said they had failed to co-operate with investigators.
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