The Premier League has confirmed that Manchester City have been found guilty of all charges related to breaches of Premier League financial rules between 2009-10 and 2017-18.
An independent Commission found that during that time period, the club arranged "sham contracts" with a number of its commercial partners, as well as "relying on sham agreements to artificially inflate the club's revenues and reduce its costs".
The statement also said that City were guilty of the majority of charges in relation to its failure to co-operate.
Meanwhile, a City statement said the club was "both disappointed and surprised by the opinion of the Premier League Commission".
"The Club is innocent of the accusations made by the Premier League and a comprehensive body of irrefutable evidence exists in support of all of its positions, relating to this case," the statement said.
The statement added that Manchester City FC will now pursue the appeal avenues open to it.
