Manchester City have been officially charged by the Premier League for breaching financial rules.
After a four-year investigation, the Citizens have been charged by the Premier League for breaching over 100 financial rules .
BREAKING: Man City charged by Premier Leaue with numerous breaches of financial rules following a four-year investigation.This is unprecedented: pic.twitter.com/ZGzdX210qP
— Martyn Ziegler (@martynziegler) February 6, 2023
It remains unconfirmed what the punishment will be as it could come in the form of a points deduction, fine or ban from the transfer window.
It is said that City have not provided accurate financial information when mentioning their revenue and money from sponsors and the related parties.
They also reportedly did not accurately disclose managerial remuneration for a four-year period and the breaches have now been referred to a commission.
German newspaper Der Spiegel claimed earlier in 2022 that the investigation was about a potential rule breaking at Manchester City is focused on illegal payments for underage players, inflated sponsorship deals and hidden salary payments made to a former manager.
Statement from the Premier League has been released regarding the allegations.
"In accordance with Premier League Rule W.82.1, the Premier League confirms that it has today referred a number of alleged breaches of the Premier League Rules by Manchester City Football Club (Club) to a Commission under Premier League Rule W.3.4."
"Commissions are independent of the Premier League and member clubs.
"The members of the commission will be appointed by the independent Chair of the Premier League Judicial Panel, in accordance with Premier League Rules W.19, W.20 and W.26.
"The proceedings before the Commission will, in accordance with Premier League Rule W.82, be confidential and heard in private.
"Under Premier League Rule W.82.2, the Commission's final award will be published on the Premier League's website."
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