Manchester City have confirmed in their annual report that the independent commission is "still in the process of reviewing" the 115 charges brought against the club by the Premier League, with a verdict now expected before Christmas.
Annual report breaks silence
City released their annual financial report on Tuesday, providing a rare official update on the case that has loomed over English football for almost two years. The two-paragraph statement confirmed what many suspected – the club is still waiting.
"As at the date of publishing these financial statements the independent commission is still in the process of reviewing the matter," the report stated. The same update was issued in last year's report.
City reiterated their position: "The club welcomes the review of this matter… to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position."
Verdict timeline
The case has dragged on far longer than anticipated. Key dates:
- February 2023: Premier League charges City with 115 alleged breaches
- September-December 2024: Private hearing held at London's International Dispute Resolution Centre
- February 2025: Pep Guardiola says verdict expected "in one month"
- March-October 2025: Multiple delays, no verdict delivered
- December 2025: Commission still deliberating
Former City financial adviser Stefan Borson told talkSPORT last month that a verdict could arrive before Christmas: "I think it still could come out before Christmas. All the lawyers are surprised there is no decision at this stage, and that's on both sides."
The 115 charges explained
The charges – believed to be closer to 130 – cover alleged breaches between 2009 and 2018:
- 54 counts: Failing to provide accurate financial information
- 35 counts: Failing to co-operate with Premier League investigations (December 2018 – February 2023)
- 14 counts: Failing to provide accurate details on player and manager payments
- 7 counts: Breaching Premier League PSR rules (2015-16 to 2017-18)
- 5 counts: Failing to comply with UEFA Financial Fair Play regulations
Potential punishments
If found guilty, City face a range of sanctions. The Premier League does not have fixed penalties for financial breaches – clubs deliberately avoided a "sanctions grid" to prevent teams calculating whether rule-breaking was worth the punishment.
Possible outcomes include:
- Points deductions (Everton received 8 points deducted last season for PSR breaches; Nottingham Forest received 4)
- Substantial fines
- Title stripping
- Expulsion from the Premier League (most extreme scenario)
Appeals process
Whatever verdict is reached, both parties can appeal within 14 days. Any appeal would be heard by a new three-person commission. That decision would be final – neither side can appeal further to CAS.
City are expected to vigorously contest any guilty verdict with their considerable legal resources. The situation could drag on for months beyond the initial ruling.
Guardiola's position
Guardiola has repeatedly called for a swift resolution. "I wish from deep in my heart to go to the trial, the independent panel – and I say it again, independent panel – and as soon as possible they release what happened, and we will accept like always we have done," he said at the start of the season.
The manager recently signed a new contract extension, demonstrating his commitment regardless of the outcome.
