Manchester City have been found guilty of all but one of the 115 alleged breaches of the Premier League's financial rules, the Athletic and the Times reported on Friday.
The club are expected to appeal, the reports added.
The Premier League declined to comment.
"It’s a confidential process, we’re not commenting at all," a spokesperson said.
City maintained the case had not yet been concluded.
"The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality," the club said in a statement to British media.
"As such Manchester City FC's position remains consistent with the club's statement of February 2023.
"The club has diligently respected due process for eight years on the basis the Premier League board and executive would behave as an independent, impartial and fair minded regulator, free from partisan influence."
If confirmed, the guilty verdict would represent one of the most significant rulings in English football history and mark a major development in a case that has overshadowed the league for more than three years.
The proceedings have raised questions about financial regulation, competitive integrity and how the league enforces its rules against its most successful clubs.
ALLEGATIONS SPANNING MORE THAN A DECADE
The Premier League referred City to an independent commission in February 2023 over alleged breaches of financial rules spanning the 2009-10 to 2022-23 seasons. The club have consistently denied wrongdoing.
Among the most serious allegations was that City failed in each season from 2009-10 to 2017-18 to provide accurate financial information giving a "true and fair view" of revenues, including sponsorship income, and operating costs.
City hired lawyer David Pannick to lead their defence, while the Premier League was represented by Adam Lewis KC, according to British media reports.
The hearing began on September 16, 2024, and concluded nearly three months later on December 6.
The case was heard by an independent commission composed of three people appointed by the independent chair of the Premier League Judicial Panel.
City were banned from the Champions League for two years by European football's governing body UEFA in 2020 after being found to have overstated sponsorship revenue between 2012 and 2016. The club, however, successfully appealed to the Court of Arbitration for Sport (CAS), which overturned the ban.
Since Sheikh Mansour’s Abu Dhabi United Group bought the club in 2008, City have won eight Premier League titles, the Champions League, four FA Cups and seven League Cups.
City top the Premier League after winning each of their opening five matches.
The stakes are particularly high because other clubs have already faced sporting sanctions for breaching financial regulations.
Everton were docked a total of eight points during the 2023-24 season after two separate breaches of the Premier League's Profitability and Sustainability Rules, while Nottingham Forest were deducted four points for a breach of the same rules in March 2024.
Newcastle United narrowly avoided potential sanctions after selling players before a June 30, 2024, financial reporting deadline to comply with spending regulations.
The allegations against City are far broader and cover more than a decade, making the case unprecedented in scale. Lawyers, club executives and supporters across the league have spent years awaiting a verdict.
Source: Reuters
-Agencies
