Velez complained that City broke rules in signing the young forward, but Federation Internationale de Football Association upheld City's argument that he was free to join them after his 16th birthday, because the youngster has an Italian passport and players in Europe are free to move when they turn 16 if they do not sign a professional contract.
It related to the arrival of teenager Benjamin Garre, who it was alleged was tapped up before turning 16, therefore breaking transfer rules.
Manchester City could live to rue the transfer of a 16-year-old prospect as it has emerged that they may be facing a lengthy transfer ban.
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Velez appealed to CAS after Federation Internationale de Football Association ruled in City's favour following a complaint about their move for Garre, the grandson of Oscar Garre - a member of Argentina's 1986 World Cup winning squad.
Federation Internationale de Football Association sanctioned the transfer and Man City were confident CAS would rule in their favour.
Atletico Madrid, Barcelona and Real Madrid have all been charged with similar offences in the past and were hit with transfer bans for one or two windows. If they are disciplined by CAS, they will most likely appeal and delay the implementation of the ban.
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Garre spent his first season with City in the youth ranks and played his first games at Under-18 level in the "Final Stage" of the Under-18 Premier League.
Velez accused Federation Internationale de Football Association of allowing City to break their own rules, claiming they acted unethically by contacting Garre when he was 15 and then flouted transfer regulations by signing the winger shortly after his 16th birthday.
Of some encouragement to City is that Federation Internationale de Football Association ratified the transfer and upheld City's argument that their capture of Garre, who is now playing in their Under 23 side, was not a breach of the regulations because he holds an Italian passport.
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