Yes, Virginia, Manchester City did break the financial regulations:
Manchester City have been found guilty of all but one of their 115 rule-break charges concerning the Premier League’s financial regulations. The competition accused the club of widespread financial cheating over an era of sustained success – with an independent panel hearing concluding in 2024.
There has since been a frustrating wait for a verdict but sources have disclosed that clubs have been informed that the panel has now reached a decision – and there is a belief it’s a win for the top flight. It is understood that the Premier League have triumphed on the vast majority of charges.
The verdict could lead to a variety of punishments including huge points deductions, financial penalties, and even relegation. Points deductions could even be applied onto previous seasons, raising the chance that City will be stripped of their Premier League titles.
I’m genuinely surprised. I was expecting the usual whitewashing. Of course, there is still the likelihood that the punishment will be a slap-on-the-hand involving ten points and a monetary fine. I’d suggest one level of relegation per season the rules were broken. Juventus and AC Milan had no trouble working their way back to Serie A, and it would make for a great multi-season saga to see the once-mighty City playing away games on tiny fields that usually average 200 spectators.
It would be a fittingly humiliating punishment and good for the sport.