Manchester City have used their latest annual report to address the protracted wait for a decision on the 115 charges of alleged financial rule breaches levelled against them by the Premier League.
The Long-Awaited Verdict
The club faces an unprecedented 115 charges relating to alleged breaches of the Premier League's financial regulations. These allegations cover a nine-year period from 2009 to 2018. An independent hearing into the matter concluded a full year ago, yet English football continues to await a final verdict.
In the report, the club confirmed the independent commission is still 'reviewing the matter'. It reiterated City's longstanding position, stating the club welcomes the impartial review and believes it has a "comprehensive body of irrefutable evidence" in its defence. The club continues to strenuously deny all allegations.
Conflicting Signals on Timing
The update comes after former financial adviser Stefan Borson claimed last month that a decision was "imminent" and could potentially be announced before Christmas. Speaking to talkSPORT, Borson expressed surprise at the delay, noting: "The decision has been imminent for quite some time... It doesn't take that long."
However, Borson also shifted blame away from both Manchester City and the Premier League for the prolonged process. He suggested the delay lies solely with the independent panel tasked with making the ruling. "I'll tell you who's holding it up - the panel making the decision. They hold the pen," Borson commented.
Financial Confidence Amid Uncertainty
Despite the unresolved and potentially severe sporting sanctions hanging over the club, Manchester City's directors expressed confidence in the organisation's financial future. The annual report states that, based on their evaluation, they have a reasonable expectation the group can continue operating and meet its liabilities for at least the next twelve months.
Consequently, the club's financial statements have been prepared on a going concern basis. This indicates the board does not believe the ongoing case poses an immediate threat to the company's financial viability, regardless of the eventual outcome.
The football world now watches on, with no clear indication of when the commission will break its silence and deliver one of the most significant rulings in the sport's history.
