Manchester City and Paris Saint-Germain have had their Financial Fair Playrestrictions lifted by UEFA.
City were given a £49m cap on their summer spending last summer and ordered to play in last season's Champions League with a 21-man squad for breaking FFP rules.
The Sky Blues were also fined £49m, to be paid in £16.3m instalments over three years, but have had the final two instalments wiped off.
However, the agreement doesn't mean that City can spend as they please this summer - they will still have to hit the targets they agreed with UEFA for 2016.
A statement by the organisation's financial control body revealed that PSG, who were given the same punishment, have also had their restrictions lifted.
The statement said: "The UEFA CFCB has lifted a number of restrictions on transfer activity, employee expenses and number of players in UEFA club competitions imposed on Manchester City FC after the club reached certain targets towards break-even compliance as part of the ongoing monitoring of their settlement agreement.
"The lifting of restrictions is subject to ongoing additional controls and audits.
"The club remains under strict monitoring and has still to meet break-even targets and is therefore subject to some limitations in 2016."
The governing body also announced that the amount clubs are allowed to lose per year will be dropped from €45m to €30m from the 2015-16 campaign onwards.
The statement continued: "The reduction has always been part of the evolution process of FFP and goes hand-in-hand with the other revisions that have been made in the updated regulations to strengthen FFP for European club football's long term future."
The change could have huge ramifications for other Premier League clubs, however, with PSG known admirers of Manchester United's Angel Di Maria, for example.
Source: Daily Mirror
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