Manchester City have been found guilty of all charges relating to serious breaches of Premier League financial rules over nine seasons, in what the league has described as the most significant disciplinary case in its history.
An independent Commission found that between the 2009/10 and 2017/18 seasons, City used what it described as “sham” commercial contracts and other arrangements to artificially inflate revenues and reduce costs by more than £900 million, creating the appearance that the club was complying with financial regulations.
According to the Premier League, some sponsors paid only part of the sponsorship amounts recorded by City, with the remainder funded by the club’s then-owner, Abu Dhabi United Group Investment & Development Ltd (ADUG).
The Commission also identified arrangements designed to record lower operating expenses, including what it described as a “sham” circular arrangement involving Fordham, an entity that purchased players’ image rights.
It concluded that City consequently filed misstated accounts and concealed the true state of their finances from auditors and football regulators.
The Commission said that “by its conduct the club clearly intended to circumvent the PL Rules.”
It further found that, had the relevant transactions been accurately reported, Manchester City would have exceeded both the Premier League’s Profitability and Sustainability Rules and UEFA’s financial spending limits by a substantial amount.
City were also found guilty of three of four alleged breaches concerning their obligation to cooperate with the Premier League investigation.
The Commission concluded that the club had made “concerted efforts to stop and frustrate the PL investigation.”
Premier League Chief Executive Richard Masters said the ruling established that Manchester City had “systematically broke Premier League Rules for nearly a decade.”
“This disciplinary case, and this decision, are the most significant in Premier League history,” Masters said.
However, Manchester City’s punishment has not yet been determined.
A separate hearing will now decide what sanctions should be imposed. That process will remain private until publication of its outcome is permitted.
The club also has the right to appeal the findings and has until Friday, October 2, to do so.
The Premier League began investigating Manchester City in December 2018 and formally issued its complaint in February 2023. The independent Commission subsequently conducted a 42-day hearing, which concluded in December 2024.
The Commission has now published a redacted version of its core decision, with additional appendices expected to be released later.
The Premier League said it intends to complete the remaining process, including any appeal and the determination of sanctions, as quickly as possible.