The verdict comes more than two years after the hearing began. Manchester City faced 115 alleged breaches of the Premier League's financial rules. The club has consistently denied wrongdoing and says the process remains ongoing.

According to the reporting, executives from other clubs were allowed to read the verdict after signing non-disclosure agreements. The Athletic first reported that City had been found guilty on most counts. Neither the Premier League nor Manchester City has published a detailed statement about the ruling.

Any punishment is expected to be decided in a separate hearing. That means it may still take months before the consequences for the club are known.