Manchester City have been found guilty on almost all of the 115 charges brought against them by the Premier League, in what the league itself is calling a defining moment for English football’s governance.

The independent commission ruled that City broke financial rules across nine seasons, from 2009-10 to 2017-18, described as “sham” commercial contracts to hide more than lb 900 million of secret funding from its Abu Dhabi owners.

“This disciplinary case and this decision are the most significant in Premier League history,” said league chief executive Richard Masters, adding that the ruling showed City had “systematically broke Premier League rules for nearly a decade.”

“The club is innocent of the accusations made by the Premier League and a comprehensive body of irrefutable evidence exists in support of all of its positions,” the club said in a statement.

CEO Ferran Soriano was blunter still, calling the verdict “a single false accusation” and dismissing the case as a Premier League conspiracy theory.

What happens next ?

Under Rule W64 of the league handbook, punishments can range from a fine to outright expulsion, with a broader clause that theoretically leaves title-stripping on the table.

The same commission will decide the actual sanction at a separate hearing, and no date has been fixed for City’s appeal, which the club must file by Friday.

Football finance expert Kieran Maguire has suggested the punishment needs to dwarf anything seen before, arguing sanctions should “add a zero to what we’ve seen in terms of Forest and Everton,” a reference to the four and six-point deductions handed out in past cases.

This kind of scale, somewhere between 40 and 60 points, would have been enough to relegate City last season.

There is also a timing problem baked into the process itself. Sanction City before the appeal concludes, and they risk being dropped only to have the ruling overturned later.

Rivals hoping for silverware to change hands may be disappointed.

Former Stoke manager Tony Pulis, whose side lost the 2011 FA Cup final to City during the period now under scrutiny, told the BBC

“I doesn’t expect trophies to be redistributed. But I still feel cheated,” former stoke manager Tony Pulis told the BBC.

For now, the uncertainty hasn’t dented City’s transfer business. The club spent roughly lb 460 million this window alone, including a USD 169 million deal for Enzo Fernandez.

Erling Haaland remains tied down on a nine-year contract signed in 2025. Whether that spending spree survives the eventual punishment remains to be seen.