The independent commission's ruling, reported by multiple outlets including ABC News and The Athletic, found City guilty of all but one of the 115 alleged breaches of the league's financial rules. The club's alleged financial wrongdoing was worth more than 900 million British pounds ($1.703 billion).
Premier League chief executive Richard Masters said the ruling showed City "systematically broke Premier League rules for nearly a decade." He added: "This disciplinary case, and this decision, are the most significant in Premier League history."
The charges relate to a period between 2009 and 2018, when City was accused of failing to provide accurate financial information, submitting inflated figures for sponsorship deals, hiding payments and breaching financial rules. The allegations first emerged in 2018 from leaked club emails and documents, with the league initiating its case more than three years ago.
City has always denied wrongdoing. In 2023, when the charges were laid, the club said there was a "comprehensive body of irrefutable evidence that exists in support of its position." Following the ruling, the club said it was "disappointed and surprised" by the verdict and plans to appeal. Any appeal must be made by Friday, local time, the league said.
The club now faces severe sanctions, including a large points deduction or even expulsion from the Premier League. The league said sanctions would be determined in a separate hearing by the same independent commission. Some sources reported 114 charges, while others noted "almost all 115" were upheld, a discrepancy that may be clarified when the full ruling is published.
The verdict marks the culmination of a process that began more than three years ago, and one that has reshaped the landscape of English football. City, once in the shadow of fierce rival Manchester United, has won multiple league titles and major trophies since its 2008 takeover by Sheikh Mansour's Abu Dhabi United Group.