Manchester City have been found guilty of the vast majority of their rule-break charges concerning the Premier League’s financial regulations.The competition accused the club of widespread financial cheating over an era of sustained success – with an independent panel hearing concluding in 2024.The long-awaited verdict has now been reached with the belief it is a victory for the Premier League, despite Man City having strenuously denied the charges. The verdict could lead to a variety of punishments including huge points deductions, financial penalties, and even relegation.Daily Mail Sport’s Mike Keegan provides answers to the key questions, including the next steps, Man City’s expected appeal and how serious the punishment could be. Manchester City have been found guilty of the vast majority of their 115 Premier League rule-break charges WHAT DOES IT MEAN?This cannot be viewed as anything other than an overwhelming victory for the Premier League. To see Manchester City found guilty of the ‘vast majority’ of the 115 charges is an outcome that Richard Masters will no doubt see as vindication for what has been a costly, long-running legal battle in which the stakes were incredibly high. It is safe to assume that had the tables turned the other way, the chief executive would have been in P45 territory. More important than that, those who City feel were the key protagonists, the so-called ‘Red Cartel’, will also feel vindication. To put it simply, Manchester City have been found guilty of cheating their way to success between 2009 and 2018, a period when they dominated English football. The verdict cannot be viewed as anything other than an overwhelming victory for the Premier League and its chief executive Richard MastersWHAT HAPPENS NEXT?There has been no statement from the Premier League, while City’s only says that the process remains ongoing and is subject to strict confidentiality. What is clear is that City will appeal. What is not clear is whether the sanction will drop before any appeal.WHAT ARE THE PUNISHMENTS?Take your pick. Hefty points deductions, potential relegation and transfer bans are all on the table. Rule W51 in the Premier League handbook states ambiguously that ‘such other penalty as it shall think fit’ is an option.There is, however, a scepticism among some, based on a lack of noise from many of the other clubs and the lenient punishment recently handed to Chelsea that whatever penalty lands will not see City stripped of titles or relegated. ‘They’ll get a slap on the wrist and ordered to pay legal costs and not much else,’ one exec predicted. The verdict could lead to a variety of punishments including huge points deductions, financial penalties, and even relegationHOW DOES AN APPEAL WORK?In all likelihood City will appeal and recent cases tell us that they tend to be dealt with expeditiously. An appeal board would be set up, appointed by the chair of the panel and, again, featuring three people. Some feel that this would be an exercise in the Premier League marking its own homework. At this early stage, it is worth an assumption that City could argue the panel was not impartial. The bad news for them, however, is that this is a high bar to clear.Unlike City’s case with UEFA, it cannot go to the Court of Arbitration for Sport (who overturned UEFA’s findings).WHAT ABOUT COMPENSATION?Last year, in a move believed to have been instigated by former Arsenal chief executive Tim Lewis, the Gunners, Tottenham Hotspur, Liverpool and Manchester United served legal notices reserving their right to take action. Should the verdict stand, they will then seek damages for a wide variety of issues. The most costly claims are likely to come from those who say they missed out on Champions League qualification during the period in question thanks to City’s law breaking. But the scope would not end there. Clubs could also, for example, argue that as a result of the breaches they were unable to sign a calibre of player that would have allowed them to be more successful on the field. Some believe £200m would not be out of the question, but that remains to be seen. Ex-Arsenal chief executive is understood to have instigated a move last year that saw the Gunners, Tottenham, Liverpool and Man United served legal notices reserving their right to take actionWHAT ABOUT THE INDEPENDENT FOOTBALL REGULATOR?Perhaps unsurprisingly, the Regulator declined to comment when contacted by Daily Mail Sport. However, David Kogan will be well aware of the situation. The IFR was brought in for a variety of reasons, not least to ensure that those owning the nation’s football clubs were fit and proper to do so. The IFR would have the power to force City’s owners to sell, but such a scenario is viewed as unlikely.WHAT HAPPENS NEXT?The Premier League and City are not commenting. Given the verdict is in, the two parties will enter into a period of negotiation with regards to when the detail will be released. That will also include suggested redactions, as both sides go through what is likely to be a finding that may well run into the hundreds of pages.DIDN’T CITY TRIUMPH OVER THE PREMIER LEAGUE RECENTLY ON SPONSORSHIP RULES?They did, with three senior judges deeming the rules unlawful. As a result, a series of amendments were made. City again launched a legal challenge, but surprisingly came to an agreement with the Premier League in September. Those cases, however, were always separate to the 115, as it became known.