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The Premier League's official announcement confirmed what had already been circulating for several days. Manchester City have been found "guilty of all charges related to serious breaches" of the league's financial rules between 2009 and 2018.
The club has consistently proclaimed its innocence from the outset, with most of the charges stemming from a failure to cooperate with the investigation.
ESPN reported earlier on Tuesday that City had been aware of the guilty verdict since the summer. Now that the ruling is official, nothing has shifted for the club that claimed three Premier League titles during those nine years and five more since. They continue to firmly deny the allegations.
A club statement released immediately following the Premier League's announcement read: "Manchester City FC is both disappointed and surprised by the opinion of the Premier League Commission, that has been published today."
The independent commission determined that City "arranged 'sham' contracts" and "filed misstated accounts and concealed the true state of its finances."
In response, the club stated: "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."