Premier League club side, Manchester City has finally seen its long-running financial case reach a complex new stage.
After years of allegations, legal challenges and an independent hearing that lasted 12 weeks, reports declared the commission had found Manchester City guilty on 114 of the 115 charges brought against the club by the Premier League.
The findings have not yet been accompanied by published sanctions, and Manchester City have made clear that they consider the Premier League process to be ongoing.
The club have consistently denied wrongdoing and are expected to appeal.
That means one of the biggest financial disputes in Premier League history has moved from the question of whether a verdict would arrive to the potentially even bigger questions of what punishment could follow, whether City will appeal and whether the outcome could affect past sporting achievements.

What Are the 115 Charges?
The Premier League brought the charges against City in February 2023 following an investigation into alleged financial-rule breaches.
The allegations cover several seasons and concern areas including
- the provision of accurate financial information,
- sponsorship revenue,
- related-party transactions,
- player and manager remuneration,
- profitability and sustainability rules, and
- cooperation with the Premier League’s investigation.
The commonly cited breakdown of the 115 charges includes
- 54 alleged failures to provide accurate financial information,
- 14 concerning player and manager payments,
- five (5) relating to UEFA regulations,
- seven (7) involving Premier League profitability and sustainability rules, and
- 35 alleged failures to cooperate with the Premier League investigation.
The reported finding of 114 guilty counts therefore represents almost the entirety of the case.
However, the detailed written judgment has not been publicly released, so the precise reasoning behind each finding and the eventual sanctions remain outstanding.

Why Did the Case Take so Long?
The saga dates back much further than the 2023 charges.
The Premier League investigation was announced in 2019, following scrutiny that had already surrounded City’s finances after the publication of documents associated with the Football Leaks affair.
UEFA had previously investigated Manchester City and, in February 2020, imposed a two-season European competition ban and a €30 million fine.
City appealed to the Court of Arbitration for Sport, which overturned the European ban several months later after finding that some allegations were time-barred and others had not been established to the required standard.
City were still fined €10 million for failing to cooperate with UEFA's investigation.
The Premier League case was separate and continued.
By the time the Premier League formally charged City in February 2023, years had already passed.
The independent hearing eventually began on September 16, 2024, and ran for 12 weeks before concluding on December 6.
The length of the process has been attributed to the scale and complexity of the allegations, legal challenges and the need to establish an independent three-person panel.
Why is the Verdict not the End?
This is because there are still several stages to come.
Even though reports say the commission has found City guilty on 114 charges, no punishment has yet been announced.
Manchester City have also indicated that they regard the process as incomplete.
"The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality."
"As such Manchester City FC’s position remains consistent with the Club’s statement of February 2023."
"The club has diligently respected due process for eight years on the basis that the Premier League Board and Executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence."
City are expected to appeal the findings.

What Punishment Could Manchester City Face?
The range of possible Premier League sanctions is wide.
- Potential penalties can include
- a financial punishment,
- points deduction,
- transfer or registration restrictions and, at the most serious end,
- removal from the Premier League.
The precise punishment would depend on the findings and the commission's eventual decision on sanctions.
Crucially, none of those punishments has been imposed yet.
That means there has been no stripping of Premier League titles, no relegation and no points deduction arising from this case at this stage.
What could happen to City's titles?
This is where the case could become particularly significant for English football history.
Manchester City won three Premier League titles during the period covered by the charges:
2011-12, 2013-14 and 2017-18.
The 2011-12 title was won dramatically on the final day when Sergio Agüero scored against Queens Park Rangers in stoppage time to secure a 3-2 victory and deny Manchester United the championship.
City also finished ahead of Liverpool in 2013-14 and Manchester United in 2017-18.
If sanctions eventually affect historical league results, those campaigns could become part of a much wider debate about the records and achievements of rival clubs, but that outcome has not happened.
The independent commission's reported findings do not automatically mean that titles have been reassigned or erased.
Any such consequence would depend on the eventual sanctions and appeal process.

Liverpool, United and Arsenal Potentially Affected
The consequences would extend beyond Manchester.
Liverpool's 2013-14 title challenge is particularly well known, with Brendan Rodgers' side finishing second behind City.
Steven Gerrard's infamous slip against Chelsea became one of the defining moments of that campaign, although the title ultimately went to City.
Manchester United finished second to City in 2011-12 on goal difference despite collecting the same 89 points.
United were again runners-up in 2017-18, when Jose Mourinho's side finished 19 points behind City.
Arsenal were also heavily affected by City's rise during the period covered by the investigation.
Several prominent Arsenal players moved to City during the early years of the Abu Dhabi ownership, including
- Kolo Touré,
- Emmanuel Adebayor,
- Bacary Sagna,
- Gaël Clichy and
- Samir Nasri.
The reported findings have therefore reignited questions about whether rival clubs could seek compensation for financial losses if City's appeal ultimately fails and sanctions establish sporting consequences.
Several clubs have previously reserved their rights to pursue compensation in connection with the case.
What Happens Next to Manchester City?
The immediate next step is the publication of the commission's detailed decision and the determination of sanctions.
City are expected to appeal, meaning the case could continue for considerably longer.
There is also the possibility of further legal disputes depending on the outcome.
So while Friday's reported finding represents a huge development, it does not provide the final chapter.
For now, the facts are straightforward:
115 charges were brought.
Reports say 114 were upheld.
Manchester City deny wrongdoing and are expected to appeal.
No sanctions have yet been announced.
And crucially, Manchester City's titles have not been stripped.
The case that began with allegations surrounding financial reporting and compliance has now entered its most consequential phase.
After years of waiting, the question is no longer simply whether Manchester City will receive a verdict.
It is what that verdict will ultimately mean for the club, its trophies, its finances and the Premier League record books.
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