“Simply put, this is a case initiated by Uefa, prosecuted by Uefa and judged by Uefa.
“With this prejudicial process now over, the club will pursue an impartial judgment as quickly as possible and will therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity.”
City face Real Madrid in their Champions League last 16 showdown and La Liga president Javier Tebas has hailed UEFA for taking action.
“Enforcing the rules of financial fair play and punishing financial doping is essential for the future of football,” he said.
“For years we have been calling for severe action against Manchester City and Paris St-Germain, we finally have a good example of action and hope to see more. Better late than never.”