The ban will come into effect from the end of this season, banning Manchester City from Uefa competition in 2020/21 and 2021/22.
But City being banned does not prevent England taking up its full allocation of places for the elite competition.
UEFA's CFCB ruled that City's wrongdoing was committed between 2012 and 2016 and should the Premier League's investigation follow suit, City's 2014 triumph will be affected if points are to be taken away.
It opened the way for Roma to enter the group phase of the Europa League after finishing sixth in Serie A, rather than having to go through qualifying.
UEFA said that the full reasoned decision of the Adjudicatory Chamber will not be published prior to publication of the final award by the CAS.
A lack of Champions League football would likely make that rebuilding job much harder in terms of attracting players but City are said to be confident that Uefa's decision will be overturned following their appeal to the CAS.
Manchester City has commenced an appeals process against what the English Premier League football club claims is a "prejudicial process" pursued against it by Uefa, which has resulted in a two-season ban from the Champions League.
UEFA said in a statement, "After considering all the evidence provided by the club, it was found that Manchester City did not correct sponsorship revenue in their accounts. But the football they played was exceptional and will always be exceptional", he added.
Legend Alessandro Del Piero admits it would be "interesting" to see Manchester City coach Pep Guardiola at Juventus and predicts "a hot summer".
Man City is worth US$2.69 billion, according to Forbes.
Manchester City will face Real Madrid in the last-16 round of this season's Champions League on February 26 and March 17.