Key facts
- Manchester City found guilty of all substantive Premier League charges for financial wrongdoing.
- Club accused of inflating revenues by £900 million through 'sham contracts'.
- Breaches occurred between 2009 and 2018, a period when City won eight major trophies.
- IFR has powers to remove owners and revoke licenses for serious wrongdoing.
- IFR is awaiting further developments in the ongoing Premier League proceedings.
The Independent Football Regulator (IFR) has indicated it may remove Manchester City's owners following findings of serious financial wrongdoing. The Premier League confirmed on Tuesday that the club had been found guilty of 'all charges related to serious breaches' of its financial regulations.
The club is accused of artificially inflating revenues by nearly £900 million over a nine-year period (2009-2018) through 'sham contracts' with commercial partners and 'sham' agreements with others. The Premier League stated that these actions misrepresented the true agreements, reduced costs, and concealed the club's true financial state from auditors and regulators.
IFR Chair David Kogan said the independent commission's decision raises serious issues and that the regulator has powers to assess owner suitability where there is clear evidence of wrongdoing. The IFR will await further developments in the ongoing proceedings between Manchester City and the Premier League.