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Manchester City could be expelled from the Premier League if their appeal against the guilty verdict on 114 financial-rule breaches fails.
An independent commission found that City disguised more than £830 million in funding between 2009 and 2018. Potential punishments include a heavy fine, points deduction or relegation.
In a dramatic scenario, City could even end up playing in the National League while competing in the Champions League next season, depending on the outcome of their appeal and their European qualification.
Former City financial adviser Stefan Borson believes relegation could be inevitable, although the club’s final punishment remains uncertain.