The guilty findings represent a potentially seismic development in a case that has hung over English football for more than three years. The charges cover several areas including the accuracy of financial information supplied to the Premier League, player and manager remuneration, compliance with UEFA and Premier League financial regulations, and cooperation with the league's investigation.
Manchester City was bought in 2008 by the Abu Dhabi United Group, led by Sheikh Mansour bin Zayed al-Nahyan, a member of the Abu Dhabi royal family. The group now owns or has a stake in 13 football teams across the world, from New York to Melbourne, meaning there may be ramifications well beyond England.
The club has consistently denied wrongdoing and is expected to appeal. Its chairman has expressed confidence in proving innocence, and the club has long protested its innocence. Until the written decision is available, assessment of what City did and what happens next would be premature.
Recent Premier League cases show that breaches of financial rules can result in sporting sanctions. Everton was initially deducted ten points, reduced to six on appeal, for breaching Profitability and Sustainability Rules. Nottingham Forest was deducted four points. Both sides narrowly avoided relegation after the sanctions. A similar points deduction could be among the penalties considered for Manchester City, though the scale of the violations is far larger.