Real Madrid and Europe's leading clubs are watching the Manchester City case closely. Uncertainty hangs over the sanctions City could face after being found guilty of 114 of 115 charges relating to alleged financial breaches between 2009 and 2018.
Nobody has determined the punishment yet, and City are preparing to appeal. That leaves the future of several of their players a matter of real interest in the transfer market.
According to The Athletic, the potential sanctions range from fines and points deductions to, in the harshest scenarios, penalties that could threaten the club's very place in the Premier League.
Should City be hit with a major sanction, the sporting and economic fallout for the squad could be enormous. Europe's biggest clubs are watching, chief among them Real Madrid, who have long been linked with a number of the English side's players.
Haaland at the forefront of the picture
Erling Haaland tops the list of names catching Real Madrid's eye. The Spanish club chased him before his move to Manchester City in 2022.
A departure for the Norwegian striker does not appear to be on the table for now. He is tied to a long-term contract with Manchester City until 2034, with no release clause in the event of relegation.
Any move for Haaland to Real Madrid would also be complicated by the presence of Kylian Mbappe, Vinicius Junior and other attacking options. Several factors would need to fall into place.
Cherki and Gvardiol on the radar
Rayan Cherki is another name that stands out. He too featured among Real Madrid's targets before joining Manchester City, where he is rated one of the standout talents in European football.
Josko Gvardiol renewed his contract with Manchester City this summer until 2031. That leaves his future, should the club face a major sanction, an open question, even with major clubs circling.
3 deals snatched by Manchester City
Real Madrid's ties to the Manchester City file run deeper still. Three players Madrid wanted joined the English side this summer instead: Ayoub Bouaddi, Elliot Anderson and Enzo Fernandez.
A severe sanction, though, does not automatically mean City's stars will walk. The club has yet to receive its final punishment, and the proceedings and appeal could drag on for a long time.
For now, the future of these players hinges on what the case and the final sanctions produce, not simply on the guilty verdict.