Key facts
- The FRC is making inquiries into alleged accounting irregularities at Manchester City.
- The club was found guilty of breaching Premier League financial regulations between 2009-10 and 2017-18.
- The Premier League commission found the club artificially inflated its financial position by over £900 million.
- Manchester City is appealing the commission's decision.
- The FRC can investigate the club's auditors, BDO, and potentially sanction individuals.
The UK's Financial Reporting Council (FRC) has confirmed it is leading inquiries into alleged accounting irregularities at Manchester City. The regulator took over the case from the Institute of Chartered Accountants in England and Wales on September 30. While no formal investigation has started, the FRC is making inquiries into the matter. This follows a finding by an independent commission that Manchester City breached Premier League financial regulations between the 2009-10 and 2017-18 seasons, including by artificially inflating the club's financial position by over £900 million. The club is appealing this verdict. The FRC possesses greater resources and powers to impose sanctions if evidence of violations is found. It can examine the conduct of Manchester City's auditors, BDO, and potentially sanction individuals involved with the club.