MANCHESTER City have been found guilty of all but one of 115 Premier League charges they face for breaching financial regulations, the Athletic reported on Friday.
The report added that no sanction had yet been decided and that City are set to appeal.
The outcome of an independent hearing that began more than two years ago could send shock waves through English football.
The legacy of City’s trophy-laden era is on the line over accusations that it had been built on financial impropriety.
City were charged by the Premier League in 2023 following an investigation into alleged breaches between 2009 and 2018.
The club, which has always denied the allegations, was accused of failing to provide accurate financial information and details of payments to players and coaches, as well as breaches of financial sustainability rules.
Under the ownership of Sheikh Mansour, whose Abu Dhabi United Group acquired the club in 2008, City have become the dominant force in English football.
They have won eight Premier League titles, four FA Cups, seven League Cups and one Champions League in the past 15 years.
The root of suspicion came from leaked documents published by German outlet Der Spiegel back in 2018.
Emails purportedly sent between top City executives showed the club had inflated sponsorship revenue from Abu Dhabi state-controlled airline Etihad and telecoms firm Etisalat by disguising direct investment from Mansour’s Abu Dhabi United Group as income.
Here is how the case reached this point:
November 2018
German publication Der Spiegel alleges City attempted to bypass UEFA’s Financial Fair Play (FFP) rules by allowing their Abu Dhabi-based sponsors to make backdated cash injections.
City hit back, saying the claims came from an “illegal hack” and the publication of internal club emails is part of an “organised and clear attempt” to smear their reputation.
March 2019
On the back of the allegations published in Der Spiegel, both UEFA and the Premier League open investigations into potential breaches of FFP.
May 2019
City become the first English side to win a domestic treble of the Premier League, FA Cup and League Cup.
February 2020
UEFA bans City from European competitions for two seasons and fines the English champions 30 million euros after they are found to have committed “serious breaches” of FFP regulations.
An independent adjudicatory panel found City overstated its sponsorship revenue in its accounts submitted to UEFA between 2012 and 2016.
City immediately announced the club’s intention to appeal to the Court of Arbitration for Sport (CAS).
July 2020
City successfully overturns the two-year ban and has fine reduced to €10 million.
CAS finds that most of the alleged breaches reported were either not established or time-barred. However, a significant fine is still imposed on account of City’s failure to cooperate with the investigation.
February 2023
After a four-year investigation, the Premier League refers City to an independent commission over more than 100 alleged breaches of finance rules.
Among the alleged breaches are a failure to provide accurate financial information, FFP breaches, breaches of profitability and sustainability, and failure to cooperate with investigations and regulations.
The club denies any wrongdoing and claims to have a “comprehensive body of irrefutable evidence that exists in support of its position”.
Then manager Pep Guardiola says the club has already been “condemned” but vows to stay as City fight to clear their name.
May 2023
City become only the second ever English club to win a treble of the Premier League, FA Cup and Champions League. They lift the coveted European trophy for the first time in the club’s history after beating Inter Milan 1-0 in the Istanbul final.
November 2023
Everton become the first Premier League team to be deducted points for breaching Profitability and Sustainability Rules (PSR). Initially docked 10 points, the Merseyside club have the sanction reduced to six on appeal.
Everton are hit with a further two-point deduction for a further breach in the 2022/23 season, while Nottingham Forest lose four points for breaching the rules in the same campaign.
May 2024
City become the first side to ever win four consecutive Premier League titles.
September 2024
The hearing in front of an independent commission begins in central London.
December 2024
The tribunal comes to an end with the panel retiring to consider their verdict.
May 2026
Guardiola steps down after 10 years and 20 trophies as manager.
September 2026
Verdict reportedly finds City guilty of 114 out of 115 charges.