The case led to a 42-day hearing involving 7,000 pages of witness evidence following an eight-year investigation.
Of the 115 charges, the independent commission upheld 114.
The commission found that City had breached major financial rules, including through sponsorship arrangements it described as part of a “disguised funding scheme”.
It repeatedly described sponsorship arrangements as “sham” and found that the club had inflated revenue and concealed expenses to the tune of £900million over a nine-year period.
City confirmed on October 1 that they had lodged an appeal, saying their “firm position is that, on multiple grounds, the opinion contains clear material errors of law, principle and fact and is unsafe”.
