UEFA's probably toothless, in the end, threat to ban City from the UCL goes on.
https://www.nytimes.com/2019/05/13/sports/manchester-city-champions-league-uefa.html
An investigation into accusations that Premier League champion Manchester City misled European soccer’s financial regulators in pursuit of its success on the field is expected to recommend that the team be barred from the Champions League, European soccer’s richest competition and the trophy the club covets most.
The investigatory panel’s leader, the former prime minister of Belgium Yves Leterme, will have the final say on the submission to a separate adjudicatory chamber, which could be filed as soon as this week.
That bold italic bit is wherein lies the rub. UEFA has the opportunity here to say "our legitimate and thorough investigative process found potential wrongdoing, but the adjudicators disagreed", and successfully appear to be policing crimes of which they themselves are a part.