An independent commission has delivered its judgement after a process that stretched over 1,331 days, outlasted three U.K. Prime Ministers and kept the Premier League waiting for a conclusion. Manchester City have been found guilty, and the 40 partially redacted pages behind that verdict provide the clearest picture yet of how the case was understood.

The commission made clear that the delay was regrettable, but it also stressed that the evidence had already been extensively examined. Its message was plain enough: there was no reason to expect a retrial unless something genuinely new emerged.

At the centre of the report is the scale of the sponsorship structure under review. In 2011, City agreed a 10-year Etihad Airways deal worth £400 million, and the suggestion from the outset was that the numbers did not tell the full story. The Premier League now describes those arrangements as “sham commercial deals,” while the commission used the phrase “Disguised Funding Scheme” to describe the mechanism.

The figures are stark. Between 2009 and 2018, City accumulated almost £950 million in sponsorship fees, but only 13% was paid by the named sponsors. The remaining £830 million came from Abu Dhabi United Group Investment & Development Ltd (ADUG), the club’s owner. The report shows how the sums grew year by year, with the sharpest rise arriving in 2011-12, the same season UEFA’s financial fair play rules were introduced.

One example captured the improvised nature of the operation. On May 25, 2013, City were said to be “£9.9 million ‘short’ of complying with UEFA FFP for that season.” The commission said modified agreements were then created, including bonuses for events that had already happened and funding for a U.S. tour, allowing the shortfall to be “plugged.”

The report also states that City adjusted the operation to “reduce the likelihood of difficult questions” from regulators and maintain “continued concealment.” Their defence, that “no part of any recorded sponsorship fee had been paid by ADUG or from or using ADUG funds,” was rejected as “untrue” and built “very late in the day.”

The commission further said some witnesses gave evidence “that they knew to be untrue.” Perhaps the most striking detail of all was what readers did not get to see: the names of the three commission members were redacted.

The Premier League’s statement has confirmed what had already been reported: Manchester City have been found guilty of all charges related to serious breaches of the competition’s financial rules between 2009 and 2018.

ESPN reported earlier on Tuesday that City had known about the verdict since the summer. With the decision now official, the club’s position has not shifted. They continue to deny the findings and have made clear that they intend to fight the case further.

In a statement released after the ruling, Manchester City said: “Manchester City FC is both disappointed and surprised by the opinion of the Premier League Commission, that has been published today.”

The commission said City “arranged ‘sham’ contracts” and “filed misstated accounts and concealed the true state of its finances.” City’s response was equally firm. They said: “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 club will therefore be relentless, and where necessary proactive, in any and all appropriate regulatory and legal forums.”

An appeal now appears inevitable, and the wording of the club’s statement suggests that more than one challenge could follow. City added: “The Premier League process remains ongoing, with significant elements uncompleted. Manchester City FC will now pursue the appeal avenues open to it, on the basis that the opinion contains clear material errors, of law, principle and fact, and is unsafe,” the statement added.

They also said: “The club has diligently respected due process for eight years on the basis that the Premier League Board and Executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence. The club is obviously restricted in what it can say further until all future proceedings are complete.”

Chief executive Ferran Soriano, who has been in Denmark this week for a private meeting of the executive board of the European Football Clubs, declined to comment publicly when asked about the case. Reports said he later told other club representatives privately that it “will take a lot more time for a conclusion”.

Manchester City’s story cannot be told through the modern era alone. The Sheikh Mansour years produced unprecedented success, but the club’s history runs far deeper, with major figures emerging across every era from the early 20th century to the present day.

Across title-winning teams, cup-winning sides and seasons of turbulence, City have always been shaped by players capable of changing games and defining eras. There have been forward leaders, fearless defenders, reliable goalkeepers and midfielders who set standards that lasted for years. Taken together, they form a portrait of a club built on talent as much as silverware.

Among the earliest names is Billy Meredith, whose first spell at City made him the club’s star attraction. He scored 151 goals and was central to the Second Division title win in 1898-99. Tommy Johnson also left a lasting mark, netting 158 league goals and setting a club record with 38 in a single season. Eric Brook, a powerful and explosive striker, became City’s all-time leading scorer with 177 goals, a mark that stood for almost 80 years.

The modern era brought another layer of distinction. Joe Hart provided a dependable presence in goal during the club’s transformation, while Vincent Kompany became both captain and symbol of the rise to dominance. Fernandinho gave the side its balance in midfield, and Ederson changed expectations of what a goalkeeper could do with the ball.

Further forward, Carlos Tévez brought goals and edge, Dennis Tueart supplied flair and one unforgettable overhead kick, and Francis Lee established himself as a relentless scorer in the club’s great 1960s side. Mike Summerbee, Colin Bell, Tony Book and Peter Doherty all helped define successful periods, while Bert Trautmann’s courage and Alan Oakes’ longevity remain central to the club’s identity.

More recently, David Silva, Yaya Touré, Bernardo Silva, Rodri and Erling Haaland have all continued that tradition at the highest level. Their impact has helped turn Manchester City into one of the dominant forces of the era, without erasing the scale of what came before.