The Abu Dhabi-based airline, Manchester City's principal sponsor, has strongly rejected any suggestion that it was involved in improper commercial arrangements and said it is seeking legal advice over its options.
The Premier League published the commission's long-awaited verdict this week after City were found guilty of all substantive charges relating to alleged financial rule breaches between 2009 and 2018.
The commission found that Manchester City had used a series of commercial arrangements to disguise more than £830m in funding, with the Premier League stating that revenues had been inflated and costs reduced by more than £900m.
Etihad was not named in the published, redacted judgment but has been one of City's principal commercial partners since 2009.
The airline's relationship with the club includes sponsorship of the stadium, shirt and training centre. A £400m, 10-year agreement was signed in 2011 and has since been extended.
In a statement, Etihad said it "categorically rejects" any finding or implication that it had been involved in improper commercial arrangements.
The airline also criticised the way the Premier League had communicated the findings.
"At no time did the Premier League reach out to or engage with Etihad in the process associated with the Commission's opinion," an Etihad spokesperson said.
"Etihad was therefore never given the opportunity by the Premier League to be represented, to provide relevant information, or to ensure the accuracy and fairness of information relied upon in reaching conclusions that may now be interpreted as reflecting adversely on the airline."
Etihad also said the publication of the findings had created damaging implications for the company despite it not being named in the published decision.
"The Premier League must take responsibility for the consequences of the way in which these findings have been presented," the spokesperson added.
The airline confirmed that its relationship with Manchester City remains unchanged.
"Our commitment to Manchester City remains strong," it said.
"We stand with the Club, its supporters and our wider Etihad community as Manchester City challenges the Commission's conclusions through the processes available to it."
The statement concluded by confirming that Etihad would seek legal advice.
"Etihad will seek the relevant legal counsel on the options and recourse available to protect its interests."
Manchester City have also indicated that they intend to appeal the commission's findings.
The case has attracted wider political attention, with Prime Minister Andy Burnham saying he would be concerned if City's owners ultimately decided to sell the club.
Burnham, who was mayor of Greater Manchester before becoming prime minister, said City should have the opportunity to contest the findings if they believe they are unfair.
He also highlighted the investment made by City Football Group and the wider ownership in Manchester.
"I do actually thank the City Football Group and the wider ownership for the money that they didn't just put into the Etihad and the campus around it but also into the city," Burnham said.
However, he stressed that he would not intervene in the process.
"I can't intervene more in the process. It would be wrong for me to do that," he said.
"It would be wrong, I think, to jump to a conclusion before having really studied all of the detail."
Etihad's decision to seek legal advice adds another dimension to the fallout from the commission's findings, with the airline now examining its own position following the Premier League's public presentation of the verdict.