Manchester City have reportedly been found guilty of 114 of the 115 charges levied against them by the Premier League.
News broke on Friday afternoon that the Sky Blues were found to have committed almost every single breach they were accused of, although the fight is far from over.
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Everything you need to know about Man City's 115 charges
The finding against Man City was reached by a three-person independent commission following a 12-week closed hearing at London's International Dispute Resolution Centre, which ran from September to December 2024, with deliberations taking a further nine months to conclude.
The charges cover alleged misconduct between 2009 and 2018, with City accused of failing to provide accurate financial information for nine seasons, concealing player and manager payments across multiple years, and refusing to engage with the Premier League's investigation.
At the core of the case is the allegation that City disguised owner funding as sponsorship revenue to satisfy the league's Profit and Sustainability Rules, artificially inflating reported income to appear compliant.
The investigation was triggered in 2018 when leaked internal documents, published by a German news outlet, prompted the Premier League to examine City's finances, with formal charges eventually issued nearly five years later.
No sanctions have yet been imposed because the process operates in two distinct stages: the commission first rules on liability, then a separate hearing determines punishment.
City are widely expected to appeal the verdict before any sanctions hearing gets under way, and the club's statement described its position as consistent with the one issued at the time of the original charges in February 2023.
An appeal could push a final resolution significantly further down the road, with City continuing to compete at the top of the 2026-27 Premier League table in the meantime.
If penalties are eventually applied, the commission can impose fines, points deductions, title stripping, and, in the most extreme scenario, expulsion from the Premier League entirely.
Football finance experts have suggested points deductions of between 40 and 60 as a plausible baseline, a scale that would almost certainly result in relegation regardless of the club's on-pitch position.
For comparison, Everton and Nottingham Forest received deductions of two and four points respectively for financial breaches, giving a sense of just how far beyond previous precedent the potential punishment could reach.
Stripping City of league titles from the relevant period remains within the commission's theoretical power but would be without precedent in English top-flight history.