For nearly a decade, Manchester City were the Premier League’s unstoppable force. Now, an independent commission has found that the foundation of that dominance was built on “sham” contracts, disguised funding, and a systematic effort to conceal the truth. The numbers are staggering: 114 of 115 charges proven, over £900 million in artificially inflated revenue, and a “disguised funding scheme” that the Premier League says was designed to “circumvent” its rules.
This is the story behind the guilty label — what City were charged with, what the commission actually found, and what happens next.
The Charges: 115 Allegations, Four Categories
The Premier League charged Manchester City in February 2023 following a four-year investigation into alleged breaches spanning nine seasons, from 2009/10 to 2017/18. The charges fell into four broad categories:
54 charges of failing to provide accurate and up-to-date financial information from 2009/10 to 2017/18.
14 charges of failing to provide accurate financial reports for player and manager compensation, including Roberto Mancini’s contract.
Seven charges of breaching Premier League Profitability and Sustainability Regulations from 2015/16 to 2017/18.
Five charges of failing to comply with UEFA regulations, including UEFA’s Club Licensing and Financial Fair Play Regulations.
35 charges of failing to co-operate with Premier League investigations from December 2018 to the present.
The commission found City guilty of 114 of those 115 charges. The one charge City successfully disputed related to non-cooperation.
What the Commission Actually Found
The verdict, published in a redacted form by the Premier League on September 29, 2026, is damning in its specificity.
The commission found that Manchester City arranged “sham” contracts with a number of its commercial partners — deals that “misrepresented the true agreement between the parties” — to artificially inflate the club’s revenues and reduce its costs.
The mechanics were straightforward. City would sign a sponsorship agreement with a company, but that company would only be required to pay a portion of the sponsorship fee. The remainder was funded by Abu Dhabi United Group Investment & Development Ltd (ADUG), the club’s owner. As part of the scheme, further “sham” arrangements were entered into to enable the club to record lower operating expenses than it actually incurred, including a “sham” circular arrangement with Fordham, an entity that purchased the club’s players’ image rights, which was also funded by ADUG.
The purpose, the commission found, was to artificially inflate revenues and reduce costs by more than £900 million during the affected period, “to appear to comply with financial rules”. The consequence was that City “filed misstated accounts and concealed the true state of its finances from its auditors and football regulators”.
The commission concluded that “by its conduct the club clearly intended to circumvent the PL Rules”.
The £830 Million Shell Game
The Premier League’s statement put the scale of the disguised funding at £830.69 million. But the numbers get worse.
The commission found that City recorded £360 million in sponsor fees during the three seasons they won the Premier League — 2011-12, 2013-14, and 2017-18. Only £43 million of it was legitimate. The rest came from their owners and was disguised.
The commission also found that City’s “sham” scheme allowed the club “to avoid recording what would otherwise have been the largest single-season loss in Premier League history in 2009-10”.
When the Premier League’s chief executive, Richard Masters, addressed the verdict, he didn’t mince words. “The core decision establishes the facts of what happened at Manchester City during this period,” he said. “It details how the club systematically broke Premier League Rules for nearly a decade. It also vindicates the Premier League’s decision to pursue this case”.
“Concerted Efforts to Stop and Frustrate”
The 35 charges of non-cooperation were among the most serious. The commission found that during the Premier League’s four-year investigation, City “committed multiple breaches of its duties of co-operation and utmost good faith towards the League” and concluded that the club had “made concerted efforts to stop and frustrate the PL investigation”.
This wasn’t passive resistance. It was active obstruction.
City’s Response: “Clear Material Errors”
Manchester City have not accepted the verdict. The club released a statement saying it is “disappointed and surprised” and will “pursue the appeal avenues open to it, on the basis that the opinion contains clear material errors, of law, principle and fact, and is unsafe”.
City’s public position has not changed since February 2023, when they said they had a “comprehensive body of irrefutable evidence” in support of their innocence. A club spokesperson said after the verdict: “The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality. As such Manchester City FC’s position remains consistent with the club’s statement of February 2023”.
City chairman Khaldoon Al Mubarak has insisted the club is confident it will clear its name. And former midfielder Rodri, now at Barcelona, said the players were told to “be relaxed” because the club “had done everything correctly”.
The Appeal: October 2 Deadline
City have until Friday, October 2, 2026, to formally lodge their appeal. The appeal would be heard by a new three-person commission, as permitted under section W of the Premier League rules.
City cannot take the case to the Court of Arbitration for Sport, as they did in 2020 when they successfully overturned a UEFA competition ban. Their only route is through the Premier League’s own appeal process.
The Punishment: Everything Is on the Table
The sanctions have not yet been decided. They will be addressed in a separate hearing before the independent commission. But the range of possible punishments is extraordinary.
Under Premier League rules, sanctions can include a fine, points deduction, transfer ban, expulsion from the league, or the stripping of titles. The commission has the power to apply points deductions retrospectively or at the time of the decision, and penalties can be applied even while the appeal process is ongoing.
Football finance expert Kieran Maguire believes a points deduction is the most likely outcome. Pundit Danny Murphy has predicted “record-breaking” punishment: relegation to the Championship, a transfer ban, and a massive fine.
talkSPORT journalist Ben Jacobs reported that the Premier League is pushing for a “record-breaking” points deduction and relegation, and that there is a “doomsday scenario” where City could be kicked out of football altogether — with the EFL willing to back the Premier League’s position and keep City out of the lower leagues as well.
The Fallout: Rival Clubs, Compensation, and a Tarnished Legacy
Manchester City won six Premier League titles during the period under investigation. Those titles are now under a cloud. The commission’s findings mean that the competitive balance of English football was distorted for nearly a decade — and rival clubs are preparing to act.
BBC Sport reported that Premier League clubs are seeking legal advice over possible compensation claims. Manchester United, Liverpool, and other clubs who finished second to City during the period could potentially seek damages.
The verdict also tarnishes the legacy of Pep Guardiola, who left the club in May 2026 after a decade in charge. Guardiola has always maintained his belief in the club’s innocence: “I trust them. I spoke with them and trust how they behave and how they did”. There is no indication that Guardiola had knowledge of any misconduct between 2016 and 2018, but the findings cover a period that includes the first two years of his tenure.
What Happens Next
The immediate focus is on the October 2 appeal deadline. If City appeal, the process could take months. If they don’t, the sanctions hearing will proceed.
But even if City lose their appeal, the story is far from over. The Premier League’s verdict has exposed the most systematic financial doping scheme in the history of English football. The question now is not whether City broke the rules — the commission has answered that. The question is what the punishment will be, and whether it will be severe enough to matter.
Richard Masters called it “the most significant disciplinary case in Premier League history”. The verdict has vindicated the Premier League’s decision to pursue the case. The sanctions will determine whether that pursuit has consequences.
For Manchester City, the guilty label is now attached. The only thing left to decide is what it costs them.
