Court of Arbitration for Sport (CAS) has given reasons why they lifted the European ban imposed on Manchester City for breaching the Financial Fair Play regulations rules.
The overturned ban had elicited mixed reactions from football figures with further accusations that City owners disguised at least £204m as sponsorship went unproven.
The majority of the panel found that UEFA's allegation that sponsorship income had been inflated was not proven.
"The panel is of the view that UEFA by no means filed frivolous charges against City but based on the evidence the panel cannot reach the conclusion that disguised funding was paid to City.
"City's failure to co-operate with the investigation is a severe breach and City are to be seriously reproached," part of the report released on Tuesday noted.
The written reasons confirm that on March 9, 2020, nine Premier League clubs in Arsenal, Burnley, Chelsea, Leicester, Liverpool, Manchester United, Newcastle, Tottenham, and Wolves wrote to CAS asking them to uphold City’s European ban.
City denied any wrongdoing throughout and appealed the decision in June. CAS overturned the ban and reduced their initial €30m fine to €10m (£8.96m) earlier this month.
The CAS panel, however, found City guilty of a severe rule breach for not co-operating with the investigation and therefore gave City a €10m fine.