FA reacts to Manchester City's financial breaches verdict: Details here
What's the story
The Football Association (FA) has said that the independent commission's verdict against Manchester City has "significant implications for the integrity of the game." The statement comes after City was found guilty of breaching Premier League financial regulations from 2009-10 to 2017-18. The FA said it is "carefully considering the decision and its implications and will take action where appropriate." Here's more.
Appeal process
Manchester City plans to appeal the decision
Despite being found guilty, Manchester City have denied any wrongdoing and plan to appeal the decision.
The club has until Friday to file its appeal.
The FA said it would not comment further on the matter as proceedings between the Premier League and Manchester City Football Club are still ongoing. However, it will continue to monitor developments closely.
Financial misconduct
Treasury Committee questions if HMRC has sought redacted documents
The independent panel found that Manchester City had entered into "sham contracts" with several commercial partners to hide secret funding of over £830 million.
The Premier League has accused the club of "systematically broke Premier League Rules for nearly a decade."
The findings have led the Treasury Committee to question if HMRC has sought the redacted documents in the commission's report, as per BBC Sport.
Tax scrutiny
Potential penalties and charges for Manchester City
A report by Tax Policy Associates claims that Manchester City may have avoided up to £12 million in tax due to a "sham" contract with former manager Roberto Mancini.
The club could also face a penalty charge, increasing its liabilities to £24 million.
These financial issues have raised questions about the club's compliance with tax regulations amid ongoing investigations into its financial practices.
Legal considerations
Etihad Airways considers legal action against Premier League
Etihad Airways, Manchester City's principal sponsor, is considering legal action against the Premier League.
The airline claims that the release of commission findings has had "damaging implications," even though it was not named in the redacted published findings.
The UAE's state-owned national airline has denied any involvement in improper commercial arrangements as part of this ongoing controversy surrounding Manchester City's financial practices.