http://www.financialfairplay.co.uk/ Makes for interesting reading. It's no surprise that City are pretty much screwed given that they spend billions of someone else's money and their wage bill is higher than their income. Man Utd look to be one of the few clubs in a sound financial position that complies with these rules.
We all knew City were screwed. They know it themselves, they just think they'll get away with it. The third story is much more interesting therefore:
To be honest I don't really want to win a European competition by default, because the best teams have been excluded. That said, I don't really see how UEFA are going to properly enforce the rules if they don't take a hardline stance.