ESPN reported that Manchester City were made aware of the findings before committing to a series of major deals during the transfer window.
The information comes after The Athletic reported that an independent commission had found the club guilty of 114 of the 115 charges brought against them, relating largely to alleged breaches between 2009 and 2018.
The eventual sanctions remain unclear.
Potential consequences discussed in the English media have included a points deduction, a transfer ban and relegation, although no final punishment has been established in the information currently available.
According to ESPN, City were informed during the summer, shortly before their spending accelerated, that they had been found guilty of more than 100 financial regulations.
The timing is significant because City went on to make a series of major investments in their squad.
The club broke its transfer record twice during the window.
First came a £116 million deal for Elliott Anderson, followed later by a £125 million move for Enzo Fernández.
City also committed substantial sums to Ayyoub Bouaddi, reportedly for £85 million, and Iliman Ndiaye, in a transfer worth £65 million.
The combined spending reached around £450 million, according to ESPN.
That transfer strategy has now attracted additional attention because of the reported timing of the commission’s findings.
City’s case concerns alleged financial rule breaches covering a period from 2009 to 2018. The club have consistently denied wrongdoing and have contested the charges throughout the process.
The commission’s findings therefore relate to historic financial matters rather than the transfer activity of the current window.
The distinction is important, but the reported July notification raises questions about what the club knew when it made its subsequent recruitment decisions.
ESPN’s report states that people familiar with the matter told the outlet that City were informed of the guilty findings before the bulk of their summer spending took place.
The club nevertheless proceeded with an aggressive recruitment strategy, adding several high-value players to Pep Guardiola’s squad.
The potential sporting consequences of the commission’s findings remain unresolved.
Until the relevant process over sanctions is completed, the impact on City’s current squad and future transfer activity cannot be established.
For now, the key development is the reported timing: City allegedly knew they had been found guilty of more than 100 financial breaches before committing hundreds of millions of pounds to strengthening their team.
That places their summer spending against a backdrop very different from the one that was publicly understood when the deals were being completed.