The Premier League has confirmed that an independent commission has found Manchester City guilty of 115 charges relating to financial breaches over a nine-year period.
The league said the commission also found the club guilty of most charges related to its alleged failure to cooperate with the investigation.
According to the Premier League, the commission found that Manchester City arranged “sham” commercial agreements with several sponsors as part of a disguised funding scheme.
The league said Abu Dhabi United Group Investment & Development Ltd, which owned the club, funded portions of sponsorship payments that were allegedly presented differently in the club’s accounts.
The commission concluded that the arrangements artificially inflated Manchester City’s revenues and reduced its costs by more than £900 million during the period under investigation.
The Premier League said this resulted in misstated accounts and concealed the club’s financial position from auditors and football regulators.
Premier League chief executive Richard Masters described the ruling as the most significant disciplinary case in the competition’s history.
He said the decision established the facts surrounding the alleged breaches, while the commission also concluded that Manchester City had committed multiple breaches of its obligations to cooperate with the league during the four-year investigation.
Manchester City have rejected the findings and maintained that the club is innocent of the accusations.
In a statement, the club said it was “disappointed and surprised” by the commission’s decision and claimed that the ruling contained material errors of law, principle and fact.
City said it would pursue the available appeal routes through the appropriate regulatory and legal processes.
The punishment for the breaches has not yet been determined and will be considered at a separate private hearing.
Potential sanctions reported in connection with the case include fines, points deductions and relegation, although no punishment has been imposed at this stage.
Manchester City have until October 2 to lodge an appeal against the commission’s decision.
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