Real Madrid has lost its appeal at the Court of Arbitration for Sport (CAS) against a Uefa fine imposed after fans directed homophobic chants at Pep Guardiola during a Champions League match against Manchester City . The sports’ highest court upheld the penalty, ruling the chant was "of a severe discriminatory nature … to be considered as far more serious and damaging than acceptable satire and banter." The detailed verdict, published to explain the judges' decision from 14 April, dismissed Madrid's challenge against a 30,000 euro (£25,000) fine and a two-year probation order requiring the closure of a small section of its stadium for one Champions League fixture. The incident occurred in February last year when Madrid hosted Manchester City. Some supporters were heard chanting that Guardiola was thin, took drugs, and would be seen in the Spanish capital's most gay-friendly neighbourhood.…