The Premier League has announced that an independent commission found Manchester City guilty of serious financial rule breaches spanning a nine-season period from 2009-10 to 2017-18. In one of the biggest scandals in English soccer history, the club was found guilty of nearly all of the 115 charges of financial wrongdoing it faced.
The commission revealed that the club arranged sham contracts and agreements with commercial partners to artificially inflate revenues and reduce costs. The findings indicate that City boosted its income by more than £900 million and filed inaccurate accounts to hide the true state of its finances. If accurately reported, these actions would have led to significant breaches of both Premier League and UEFA spending limits.
Manchester City has stated it is disappointed and surprised by the verdict and denied any wrongdoing. The club intends to appeal the decision before the Friday deadline. Although the Premier League has confirmed the breaches, it did not immediately announce a punishment.