Ex-Man City financial advisor reacts to 'inexplicable' update in 115 FFP charges case

City were made aware of the allegations being levelled against them in February 2023, at the end of a two-year investigation. An independent commission heard said case from September 2024, with that process being completed before the end of the calendar year.

That panel is still considering what action, if any, to take. Little information has been leaked, with even City no nearer to knowing what their fate will be. They have released their accounts for 2024-25, with record-breaking revenue falling to £694.1 million ($938m).

City said in an official statement, with their FFP case being addressed: “As at the date of publishing these statements, the independent commission is still in the process of reviewing the matter. Based on their evaluation of the Group’s prospects and viability, the Directors confirm that they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due within the 12 months following the approval of these financial statements. Consequently, the financial statements have been prepared on a going concern basis.”

Former City adviser Stefan Borson is puzzled, but not entirely surprised, as to why a protracted saga continues to drag on. He has told Football Insider: “There’s a couple of messages that just say that as of the date of publishing those accounts, that the decision hasn’t been received.

“Now, it is possible that by the date of publication, they mean 8 October, which is the date the accounts were signed off. But the more natural reading I would argue would be that it’s the date that they were published last week.

“Therefore, it confirms that no decision has been received by the club, which as I’ve said before, my understanding is that is the case and that they have not received the decision of the independent commission.”

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City maintain that they have done nothing wrong, with it still a case of business as usual at the Etihad. With the expectation in Manchester being that the most severe of punishments - such as points deductions of expulsion from the Premier League will be avoided - Borson believes that no further updates will be delivered until into 2026.

He added: “As we sit here today, I think it’s now done for 2025. I don’t see that there’s any real possibility that the decision can be dropped before the year-end now. We’re into the Christmas period, where I just don’t think that it would be done from a PR and press perspective at all.

“I think we are now in the 2026 territory, which is obviously amazing. I think it’s largely inexplicable that it could take over a year to produce a private arbitration decision of this type, but that’s where we are.”

Premier League chief executive officer Richard Master has been quizzed on City’s case across several months, but is also giving little away. He wants to ensure that the process is completed in the most professional manner possible - with clubs across the country and around the world hanging on a long-awaited outcome.

He told BBC Sport back in August: “There is no happy alternative to enforcing the rules, it goes to the integrity of the competition - it goes ultimately to value - and that principle shouldn't be defrayed in any way by being too difficult, too complex, or too costly.”

It is claimed that City - who currently sit second in the English top-flight table as they chase down another title triumph - have spent around £25m ($34m) on the 115-charge case, with the Premier League’s legal bill sitting in the same ball park.