Continued Uncertainty Surrounds Manchester City’s Financial Investigation

In February 2023, Manchester City was informed of the allegations against them following a two-year investigation. An independent commission began reviewing the case in September 2024, and this process is expected to conclude by the end of the calendar year.

The commission is still deliberating on what actions, if any, will be taken. Very little information has been disclosed, leaving City in the dark regarding their potential outcome.

For the 2024-25 fiscal year, City announced record-breaking revenue of £694.1 million ($938 million). In an official statement addressing the Financial Fair Play (FFP) case, the club noted: “As of the date of publishing these statements, the independent commission remains engaged in reviewing the matter. Based on their assessment of the Group’s prospects and viability, the Directors confirm they have a reasonable expectation that the Group will continue to operate and meet its liabilities as they arise within the next 12 months. Consequently, the financial statements have been prepared on a going concern basis.”

Former City adviser, Stefan Borson, expressed confusion but not surprise regarding the ongoing saga. He remarked to Football Insider: “The statements indicate that as of the date of publishing the accounts, a decision has not been received. It’s possible that ‘date of publication’ refers to October 8, when the accounts were finalized. However, a more intuitive interpretation would suggest it aligns with the date they were published last week. This effectively confirms that the club has yet to receive a decision from the independent commission.”

Despite the situation, Manchester City asserts they have done nothing wrong, and operations at the Etihad Stadium continue as normal. In Manchester, there is an expectation that severe penalties such as points deductions or expulsion from the Premier League will be avoided. Borson predicts that no further updates will emerge until 2026.

He added, “As we sit here today, I believe we are now looking towards 2026. I do not foresee any real possibility of a decision being reached before the end of the year. The Christmas period suggests that an announcement would not be appropriate from a public relations perspective. It is remarkable that it could take over a year to issue a private arbitration decision of this nature, but here we are.”

Premier League CEO Richard Masters has been questioned multiple times regarding City’s case, yet he has not revealed much information. He emphasizes the importance of completing the process with professionalism, as clubs globally await a long-anticipated resolution. In an August interview with BBC Sport, he stated: “There is no satisfactory alternative to enforcing the rules; it affects the integrity of the competition and ultimately its value. This principle should not be undermined due to complexity or cost.”

Currently, Manchester City is positioned second in the English Premier League as they pursue another title, having reportedly spent approximately £25 million ($34 million) on the 115-charge case, with the Premier League’s legal costs approximating similar figures.