The Premier League published a redacted version of the independent commission's decision on Tuesday, bringing the latest stage of the long-running case to a conclusion.
The commission found City guilty of the charges relating to breaches of the League's financial rules between the 2009-10 and 2017-18 seasons, as well as the majority of allegations concerning the club's failure to co-operate with the investigation.
Among the most significant findings was the commission's conclusion that City used what it described as “sham” commercial agreements as part of a scheme involving more than £830m of disguised funding.
The report said the arrangements artificially increased the club's reported revenue and reduced its costs.
It found that City recorded £360m in sponsorship income during the three seasons in which they won the Premier League — 2011-12, 2013-14 and 2017-18 — but concluded that only £43m represented legitimate sponsorship revenue, with the remainder coming from the club's owners through arrangements the commission considered disguised.
The commission also said there had been “deliberate or reckless conduct intended to circumvent the Premier League rules”.
Premier League chief executive Richard Masters said the decision established what had happened during the period under investigation.
“The core decision establishes the facts of what happened at Manchester City during this period. It details how the club systematically broke Premier League Rules for nearly a decade,” Masters said.
He added that the case was the most significant disciplinary matter in Premier League history, although the punishment has yet to be determined.
“Now we have the Commission’s decision, we are committed to moving swiftly through the remainder of the process, to provide certainty for the League, our clubs and fans,” Masters said.
City strongly reject the findings and have confirmed they will appeal.
“Manchester City FC is both disappointed and surprised by the opinion of the Premier League Commission, which has been published today,” the club said.
“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.”
City also argued that the commission's decision contained “clear material errors, of law, principle and fact” and said the opinion was unsafe.
The club now have until 2 October to submit their appeal, while any sanction arising from the findings will be dealt with separately by the independent commission.
The case therefore remains ongoing despite the publication of the verdict.