Manchester City’s long-running financial case has entered a new and potentially decisive phase.
Reports say an independent commission has found the club guilty of 114 of the 115 alleged Premier League financial breaches brought against it.
But there is an important catch.
The written decision has not yet been published. No punishment has been announced. And Manchester City continues to deny wrongdoing.
That leaves English football facing a series of major questions, from possible points deductions and relegation to claims from rival clubs and the status of trophies won during the period under investigation.
City has said it intends to fight on.
In a statement issued after reports of the finding emerged, the club said the Premier League process remained ongoing and that its position remained the same as when the charges were issued in 2023.
City chief executive Ferran Soriano has since told football executives that the club remains committed to clearing its name, with the legal process potentially lasting years.
So what happens now?
What was Manchester City accused of?
The Premier League charged City in February 2023 following a lengthy investigation into its finances.
The allegations cover nine seasons, from 2009/10 to 2017/18.
They include claims that City failed to provide accurate financial information, particularly concerning revenue, sponsorship income and operating costs.
The Premier League also alleged that the club failed to disclose the full financial details of player and manager remuneration, breached UEFA and domestic financial rules, and failed to co-operate properly with the league's investigation.
The case is unusually broad because it does not centre on one season or one transaction.
It covers years of financial reporting and regulatory compliance during a period in which City became one of the dominant clubs in English football.
The hearing before the independent commission ran from September to December 2024.
Reports of the commission's findings surfaced more than a year later.
The commission's written reasons, however, have not been made public.
Why 114 out of 115 does not mean City has been punished
This is the distinction at the centre of the story.
A finding that rules were breached is not the same thing as a final sporting punishment.
Under the Premier League's disciplinary system, an independent commission can impose a range of sanctions, including fines, points deductions and other sporting penalties. The rules also allow for much more serious measures in appropriate cases.
The scale of any punishment would depend on the commission's reasoning, the nature of the individual breaches and any aggravating or mitigating factors.
That is why comparisons with Everton or Nottingham Forest have limits.
Everton were initially deducted 10 points in 2023 for a Profitability and Sustainability Rules breach. The penalty was later reduced to six points on appeal.
Nottingham Forest were deducted four points in the following season for a separate PSR breach.
Those cases involved different facts and periods.
They cannot, on their own, establish what an appropriate punishment for City would be.
Could Manchester City be relegated?
Relegation is among the possibilities being discussed because Premier League rules provide commissions with wide disciplinary powers.
But it would be wrong to report relegation as the expected outcome.
The commission has yet to publish the reasoning behind the reported findings, and the sanction has not been announced.
City would also have an opportunity to challenge an adverse decision through the Premier League's appeal process. The appeal is heard by a separate three-member Appeal Board, and its proceedings are also confidential.
That means the dispute could continue well beyond the initial commission decision.
Unlike City's earlier UEFA case, the Premier League proceedings are not simply heading to the Court of Arbitration for Sport.
What happens to City's old Premier League titles?
This is one of the most politically and emotionally charged questions for supporters, but it is also one of the least settled.
City won three Premier League titles during the period covered by the charges — in 2011/12, 2013/14 and 2017/18.
It also won other major trophies during that era.
Whether historic titles could be removed would depend on the eventual findings, the sanction imposed and any successful appeal.
There is no basis at this stage for saying that City's trophies have been stripped.
There is also little direct English football precedent for retrospectively removing Premier League titles because of financial-rule breaches.
That makes any prediction about the fate of City's historical honours premature.
Could rival clubs seek money from City?
This could become another major battle.
If City ultimately faces confirmed findings, rival clubs that believe they suffered financial losses could explore compensation claims.
The argument would be that alleged financial-rule breaches affected sporting competition and, in turn, clubs' revenues from league positions, European qualification, prize money or other commercial opportunities.
But compensation would not automatically follow a Premier League sanction.
A club seeking damages would still need to establish a legal basis for its claim and demonstrate a link between the proven conduct and a measurable financial loss.
That could make any compensation dispute complicated and potentially lengthy.
The Premier League has already dealt with compensation litigation arising from financial-rule cases. In June 2026, an independent commission considered a compensation claim brought by Burnley against Everton.
That does not determine what would happen in City's case, but it shows that financial penalties and compensation claims are separate processes.
The international question
The implications may also extend beyond England.
Manchester City is part of City Football Group, a global football organisation with clubs in countries including the United States, Australia, Italy, Spain, France, Belgium, Uruguay, Japan and Brazil. The group currently lists 13 clubs worldwide.
However, a Premier League sanction against Manchester City would not automatically become a punishment against every club within the group.
Each club operates under its own domestic competition and regulatory framework.
The more immediate issue would be whether findings in the Manchester City case raise questions about governance, ownership structures or financial relationships across a multi-club network.
That would be a matter for the relevant football authorities.
It would not, by itself, establish wrongdoing by any other City Football Group club.
Why the case could reshape football governance
The case is bigger than one club because it tests how football regulators deal with financially powerful clubs and complex ownership structures.
The Premier League has already moved to a new financial system for the 2026/27 season, replacing the previous Profitability and Sustainability Rules with a Squad Cost Ratio system, while retaining the ability to pursue breaches from earlier seasons.
The City case concerns the older rules.
But its outcome could influence how future financial regulation is viewed by clubs, owners and supporters.
It also highlights the difficulty of resolving major sporting disputes years after the seasons in question have ended.
By the time a final decision is reached, players may have retired, managers may have moved on and the clubs that competed against City may have changed completely.
City is still fighting
Manchester City has consistently rejected the allegations.
Following the latest reports, chairman Khaldoon Al Mubarak said the club would continue defending its position.
The club's official statement stressed that the Premier League process was still continuing and remained subject to confidentiality.
That position is important.
The reported commission finding is significant, but it is not the end of the legal process.
The written judgment will need to explain which allegations were proved, which were not, and why.
Only then will the scale of any sanction become clearer.
An appeal could then alter some or all of the findings.
For now, therefore, the most consequential number may not be 114.
It may be the number of questions still unanswered.
What exactly did the commission find? What penalty will follow? Will City appeal? Could rivals pursue compensation? And will any historical achievements be affected?
Until those questions are settled, Manchester City's extraordinary era remains under scrutiny — but its trophies, league status and future punishment should not be treated as decided facts.
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About the Author
Maureen Onyango is a journalist passionate about storytelling, life coaching and spiritual lessons. She studied at the Kenya Institute of Management and enjoys telling stories that inform, inspire and empower communities.