Manchester City has been found guilty on 114 of 115 charges brought by the Premier League for financial rule breaches, according to an exclusive report by David Ornstein of The Athletic.
Citing sources briefed on the matter who spoke anonymously as they were not authorized to discuss it publicly, the report noted that sanctions have not yet been determined, with all options remaining on the table.
The club is expected to appeal the independent panel's ruling.
The charges, first filed in February 2023 following a four-year Premier League investigation sparked by leaked internal documents published by Der Spiegel in 2018, span nine seasons from 2009 to 2018. They include failure to provide accurate financial reporting, hidden remuneration for players and managers, and non-cooperation with league investigators.
Potential punishments range from heavy fines and severe, multi-season points deductions to the stripping of previous titles or full expulsion from the Premier League.
Enforcement of any penalty will pause while the club exercises its right to appeal through a separate appellate body, a process that could extend into 2027.
A Manchester City spokesperson told The Athletic that the Premier League process is still underway, with major steps yet to be completed.
The spokesperson added, "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."