Manchester City were charged by the Premier League in February 2023 following a four-year investigation, with the alleged breaches covering the period between 2009 and 2018.
The independent panel has now ruled on the case, although the Premier League has yet to officially announce the verdict or determine City’s punishment. The club are expected to appeal.
BBC Sport is reporting that a number of Premier League clubs had already sought legal advice before Friday’s news over whether they could claim compensation as a result of City’s breaches.
Other clubs have also been formally informed of the independent panel’s decision. A select group of directors were reportedly sent the verdict by email and required to sign non-disclosure agreements before accessing the document.
One source who previously held a senior executive position at two Premier League clubs said they expected individual clubs to submit compensation claims against City.
However, another leading lawyer told BBC Sport that the process could instead be centralised by the Premier League.
The potential claims have an interesting precedent in Everton’s dispute with Burnley.
In June, Everton were ordered to pay Burnley £35m after being found to have breached the Premier League’s Profitability and Sustainability Rules over a three-year period.
Burnley argued that Everton’s breach affected their chances of remaining in the Premier League and sought compensation for the losses associated with their relegation.
Everton have appealed the ruling and are expected to contest it.
City could face a range of sanctions after being found guilty, including a points deduction, substantial fines or even expulsion from the Premier League.
The club have denied wrongdoing throughout the process and have indicated they will appeal the findings.
A City statement said: “The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality.
“As such Manchester City FC’s position remains consistent with the Club’s statement of February 2023.
“The Club has diligently respected due process for eight years on the basis that the Premier League Board and Executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence.”
The length of any appeal process means the uncertainty surrounding City and the potential consequences for the rest of the Premier League could continue for some time.