Manchester City has experienced an impressive journey from a mid-table team to a dominant force in the Premier League; however, this golden era is now under threat due to the discovery of numerous financial rule violations.
After the club was acquired by the Abu Dhabi United Group eighteen years ago, the club transformed beyond recognition. Before winning the FA Cup final against Stoke in 2011, City had not secured a major trophy in 35 years and remained in the shadow of their neighbors, Manchester United. In its 128-year history prior to the deal, the club had won only nine major trophies and became English champions only twice.
In the late 1960s and early 1970s, the balance of power in Manchester shifted briefly when City won the league title, as well as the FA Cup, League Cup, and European Cup Winners' Cup. Nevertheless, the club subsequently fell into obscurity for decades.
The lowest point came in the late 1990s when the club was relegated from the Premier League twice over three seasons, first dropping into the third division. Despite consistent fan support, which regularly exceeded 30,000 people, the team quickly returned to the Premier League but failed to achieve significant success before the club was purchased by Sheikh Mansour bin Zayed al Nahyan, Vice President and Deputy Prime Minister of the United Arab Emirates. This led to a radical change in the balance of power both locally and nationally.
Former United manager Alex Ferguson once referred to the new rivals as 'noisy neighbours' while trophies continued to arrive at Old Trafford. However, City did not waste time showcasing its new wealth, even if sporting success did not come immediately. The arrival of Robinho from Real Madrid in the final hours of the summer transfer window in 2008 marked the beginning of a wave of star signings. The following year, the club achieved local supremacy by signing Carlos Tevez from United.
The foundation of City's first championship team in 44 years was built on players such as Yaya Touré, David Silva, and Sergio Agüero. In the most dramatic conclusion to the Premier League season, Agüero scored a goal in the 94th minute to defeat Queens Park Rangers on the final day of the 2011/12 campaign, thereby snatching the title from United. This initiated a run of eight Premier League titles over 13 seasons.
Both Roberto Mancini and Manuel Pellegrini became champions in Manchester, but Pep Guardiola's arrival in 2016 elevated City to an entirely new level. The Spaniard spent only four years at his beloved Barcelona, leaving after winning three La Liga titles and two Champions Cups due to burnout. He then spent three seasons in Bavaria after a break. However, City, contrary to the expectations of many experts, managed to convince Guardiola to extend his stay for another ten years.
Period of Sustained Success
He provided them with perhaps the most impressive period of continuous success in the history of English football, winning six top-flight English titles in seven seasons between 2017/18 and 2023/24, including an unprecedented four in a row. In 2023, Europe was conquered when City repeated United's previously unique achievement as the only English team to win the Champions League, Premier League, and FA Cup in one season.
In recent years, financial allegations, first raised in 2023, have cast a shadow over Etihad, despite the continued accumulation of trophies. The club continues to deny any wrongdoing and has stated its intention to appeal the decision after the Premier League announced the findings of the independent commission on Tuesday. One person who continues to fully support City is Guardiola, who left Etihad in May. The former coach wrote on X that he will always be behind the club. He posted on Wednesday: 'Let me clarify: we will get through this together. I love you all.'
City is fighting hard and may be able to win the appeal. But if they cannot refute the commission's verdict, their golden age will forever be marked with an asterisk.
Here is how the matter, which began almost eight years ago, reached this point:
November 2018
The German publication Der Spiegel alleged that City attempted to circumvent UEFA's Financial Fair Play (FFP) rules by allowing its Abu Dhabi sponsors to make deferred cash injections. City countered, claiming the accusations stemmed from an 'illegal hack,' and that the publication of internal club letters was part of an 'organized and blatant attempt' to tarnish their reputation.
March 2019
Amid the allegations published in Der Spiegel, both UEFA and the Premier League launched investigations into potential FFP breaches.
May 2019
City became the first English team to achieve the domestic treble: Premier League, FA Cup, and League Cup.
February 2020
UEFA banned City from European competitions for two seasons and fined the English champions €30 million (558 million rials) after it was established that they committed 'serious breaches' of FFP rules. The independent arbitration panel found that City had overstated sponsorship income in its reports submitted to UEFA between 2012 and 2016. City immediately announced its intention to appeal this decision to the Court of Arbitration for Sport (CAS).
July 2020
City successfully overturned the two-year ban, and the fine was reduced to €10 million. CAS determined that most of the alleged violations were either unsubstantiated or time-barred. Nevertheless, a significant fine was imposed due to City's unwillingness to cooperate with the investigation.
February 2023
Following a four-year investigation, the Premier League referred City to an independent commission regarding more than 100 alleged financial rule violations. These alleged violations include failure to submit accurate financial information, FFP breaches, profitability and sustainability breaches, as well as unwillingness to cooperate with investigations and regulations. The club denies any guilt and asserts that it possesses an 'extensive body of irrefutable evidence supporting its position.' Coach Pep Guardiola stated that the club was already 'condemned' but vowed to stay while City fought to clear its name.
June 2023
City became the second English team in history to win the treble: Premier League, FA Cup, and Champions League. They lifted the coveted European trophy for the first time in the club's history, defeating Inter Milan 1-0 in the final in Istanbul.
November 2023
Everton became the first Premier League team to have points deducted for breaching Profitability and Sustainability Rules (PSR). The initial sanction was 10 points, but after an appeal, the Merseyside club received a reduction to six. Everton faced an additional two-point deduction for another breach in the 2022/23 season, while Nottingham Forest lost four points for a breach in the same season.
May 2024
City became the first team to win four consecutive Premier League titles.
September 2024
Hearings before the independent commission begin in central London.
December 2024
The tribunal concludes, and the panel retreats to consider its verdict.
May 2026
Guardiola departs after 10 years and 20 trophies as a manager.
September 2026
The verdict finds City guilty of all charges related to serious financial rule violations and all but one regarding unwillingness to cooperate with the league's investigation. City announces its intention to appeal.
