The Premier League has found Manchester City guilty of almost all 115 charges of breaching its financial rules, in what the league's chief executive described as the most significant disciplinary case in Premier League history.

The independent commission found City broke league rules across nine seasons, from 2009-10 to 2017-18, using "sham" commercial contracts to artificially inflate revenues and reduce costs. The league said the schemes distorted the club's accounts by more than 900 million pounds, of which more than 830 million pounds in secret funding from City's Abu Dhabi-based owners was disguised as sponsorship income.

City was found guilty on every count except one specific failure to cooperate with the investigation during a portion of the proceedings.

"This disciplinary case and this decision are the most significant in Premier League history," said Richard Masters, the league's chief executive, adding that City had "systematically broke Premier League rules for nearly a decade."

The commission found that City arranged sham commercial deals with several sponsors, who were required to pay only part of the relevant sponsorship fees. The remainder was funded by Abu Dhabi United Group Investment and Development Ltd, which owns the club. The group also funded a sham arrangement that enabled City to report lower operating expenses than those it actually incurred, as well as a circular arrangement involving an entity that acquired the club's player image rights. As a result, the club filed misstated accounts and concealed its true finances from auditors and regulators.

"By its conduct, the club clearly intended to circumvent" the rules, the commission said.

Had City reported accurately, the commission found it would have breached spending limits "by a very substantial amount."

The club, which is currently leading the Premier League, denied any wrongdoing and said it was "both disappointed and surprised" by the verdict. Chief executive Ferran Soriano called the ruling "a single false accusation" and a "Premier League conspiracy theory," saying in a video message to staff and players that "irrefutable evidence" had been "ignored" by the commission. Chairman Khaldoon Al Mubarak said the club remained confident of proving its innocence.

City has until Friday to submit an appeal. A new three-person panel will hear the case.

Possible sanctions under Premier League rules range from a fine to point deductions or expulsion from the league. A clause allowing the commission to "make such other order as it thinks fit" also leaves open the possibility of stripping titles. The same commission will determine the sanction at a separate, private hearing.

Former City manager Pep Guardiola, who led the club to six Premier League titles during his decade in charge, expressed his support in a social media post following the verdict.

"I want every single Manchester City fan across the world to know I am here; more than ever," he wrote. "I am, always have been, always will, be behind my club, my owner, my chairman, Ferran [Soriano], the players, staff, [manager] Enzo [Maresca] and you, our unique supporters. Let me be clear: we will get through this together. I love you all."

Guardiola had previously said in November 2024 that he would remain behind the club even if it were relegated.

Former City defender Micah Richards described the verdict as "absolutely devastating," saying the language used in the commission's findings had deeply affected him.

"I saw the words which were used by the Premier League in 'sham contracts' and I felt absolutely devastated," he said. "I was at that club since I was 14 years old, I would die for that club. I achieved my dream at Manchester City, but then to hear these reports, and not only me as an ex-player, but the fans, what they have to go through, absolutely devastating."

Richards, 38, said a long-time supporter who had followed the club for more than 60 years had called him in tears. "The uncertainty around it is just heartbreaking," he said.

Former Liverpool defender Jamie Carragher called for City's titles to be stripped, arguing that the club's conduct had harmed its own players as well as rivals.

"I feel for the players. They'll almost feel like a lot of their career is going to have an asterisk, or a lot of people will be calling it a sham," he said. "The players were told everything was fine. What the [City] hierarchy are coming out with now, they're just gaslighting."

"I think the titles should be taken off their list," Carragher added. "City have not just hurt their own players. Those players will never get that feeling and it was robbed by Man City. No-one remembers the medal. Giving trophies or medals back, it doesn't mean anything. It's not about medals, it's about feelings."