UEFA enforced the punishment after City were found guilty of “serious breaches” of Financial Fair Play regulations relating to overestimating sponsorship revenue.
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Tebas has been a persistent critic of City’s spending and revelled in the news that the Premier League giants had been brought down to earth.
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“UEFA is finally taking decisive action,” Tebas said. “Enforcing the rules of Financial Fair Play and punishing financial doping is essential for the future of football.
“For years we have asked for severe action against Manchester City and Paris Saint-Germain, we finally have a good example of action and we hope to see more this way.
“Better late than never.”