Manchester City have been found guilty on all but one of 115 charges relating to breaches of the Premier League’s financial regulations.

The sanctions have not been decided, with all options including points deductions and expulsion remaining on the table.

City are also expected to appeal.

The verdict follows a 4-year investigation and charges first brought in February 2023.

According to sources briefed on the matter, the independent commission found City guilty on 114 charges.

City were charged after an investigation into alleged breaches between 2009 and 2018, launched after German newspaper Der Spiegel published leaked financial documents in November 2018.

The Premier League accused the club of failing to provide accurate financial information.

It also failed to provide full details of player and manager payments, and breaching UEFA’s Financial Fair Play and the Premier League’s profitability and sustainability rules.

A City spokesperson said:

“The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality.

The club’s 2023 statement said it was “surprised” by the charges.

It welcomed review by an independent commission to consider “the comprehensive body of irrefutable evidence” in support of its position.

There are varied potential punishments under Rule W.51 of the Premier League handbook.

These range from a reprimand and fines to points deductions, retrospective title stripping and expulsion.

In 2020, UEFA imposed a two-year ban and €30 million fine on City over related allegations.

However, the ban was overturned by the Court of Arbitration for Sport on time-bar grounds.

CAS maintained a finding of non-cooperation, fining the club £8.8 million.