If City are indeed found guilty of the most serious charges, the Independent Football Regulator could push for the removal of key figures. That body does have powers under section 34.

Some in football are even broaching the idea of a forced sale due to the severity of the case, given that this would be perceived as the greatest case of cheating in English football history.

It should not be forgotten that this is ultimately about the allegation of submitting false accounting.

The charges didn’t just involve accusations of breaching financial regulations on several occasions, but of not providing accurate payment details.

A sanctions hearing would determine the most immediate punishments. Multiple sources feel this can’t possibly go without a huge points deduction, particularly given the recent precedent of Everton and Nottingham Forest, potentially enough to relegate the club.

Fans have been reacting to yesterday’s news

Secretary of State for Digital, Culture, Media and Sport Lisa Nandy has described the Man City case as “unsettling” for football fans and has urged a swift resolution to proceedings.

Speaking on BBC Radio Five Live, Nandy said: “I think most football fans will be feeling this is not a good moment for football as a whole and I think Manchester City fans will be feeling very anxious about what happens next.

“You’ll know this is a really longstanding investigation, it dates all the way back to allegations that begin in 2009. There is still a way to go with the investigation, Manchester City are contesting the charges.

“The football fans need to know the rules are applied fairly and consistently, they need to know they’re upheld and they need to know the right decision has been reached.

“We do have a way to go with this, it’s very unsettling for football fans and I hope that it can be resolved as swiftly as possible.”

Former Manchester City chairman David Bernstein believes “money is not sufficient” in terms of a potential punishment for the club being found guilty on virtually all counts of breaching Premier League financial rules and has called for something far more “drastic”

Bernstein, who was City chairman between 1998 and 2003 told Times Radio: “I felt absolutely awful, I felt in shock yesterday, actually. I think you’ve asked me on the programme because of my time as chair of City and the FA, but basically I’m a fan of Manchester City and have been a fan for 70 years.

“First of all, the timing of this I think is crucial. This whole process has taken too long already. So the appeal process now has to be done quickly because…you’ve got the club playing with this cloud over its head and it’s just not viable.

“I can’t give a view on the punishment. If they are found, after the appeal, guilty of 115 charges, my beloved club is going to face a very severe penalty. All I would say is that money is not sufficient, it would have to be something, unfortunately, more drastic than that.”

A hypothetical for fans of Manchester City: would you say it was worth it?

If City are expelled from the Premier League, if they are subject to future restrictions on signing players and points deductions that run into the next decade, would you do it all again?

Because most of those you speak to would say, fairly unequivocally, yes. For the Aguero moment, for the Kompany header, for the Champions League win built on a foundation of now-questionable substance, the answer would clearly be yes.

Ed Malyon asks how Man City fans will react to the earthquake hitting the club:

We don’t yet know what Manchester City’s punishment will be, if the club is found guilty of nearly all of the Premier League’s 115 charges. A commission will be convened to decide on sanctions, and City have made clear they will appeal against them.

But for an indication of just how heavily the Premier League could come down on the club, take a look at the betting markets. City are top of the league after five games and yet, at the time of writing, they are sixth favourites to be relegated to the Championship, with odds shortening by the minute.

It is worth stopping to outline why the punishment will be so severe.

City were accused of false accounting. They were accused of funnelling money from Abu Dhabi into the club via manufactured sponsorship deals, artificially inflating revenue to circumvent Premier League rules and spend more on transfers and wages.

They were accused of paying then manager Roberto Mancini through separate consultancy contracts to disguise his earnings on the books. Just as seriously, they were charged with 35 counts of non-compliance and failure to cooperate with the investigation.

And, of course, this was not just any club. This was the start of one of the most stunning periods of dominance by any club in English football.

Read Lawrence Ostlere’s full analysis of the situation:

Manchester City's charges concerning breaking financial fair play rules surround a nine-year period, from 2009 to 2018.

They were also charged with failing to co-operate with Premier League investigations concerning the club's finances.

Initially charged in 2023, the club was accused of:

• Failure to provide accurate and up-to-date financial information (2009-2018): 54
• Failure to provide accurate financial reports for player and manager compensation (2009-2018): 14
• Failure to comply with UEFA's regulations, including Financial Fair Play Regulations: 5
• Breaching Premier League Profitability and Sustainability regulations (2015-2018): 7
• Failure to co-operate with Premier League investigations (2018-2023): 35

Former Manchester United defender Rio Ferdinand has already claimed a seventh Premier League winners’ medal following today’s reports of the Manchester City verdict.

City beat United to the title on goal difference in 2012, when Ferdinand was still part of Sir Alex Ferguson’s team, which falls inside the nine-year period where City have been found of breaking the Premier League’s financial rules.

The short answer is yes, but there are a wide range of punishments available to the top-flight’s authorities. Sanctions could include fines and/or points deductions, and even expulsion as a member of the Premier League, which would require City to rebuild from the lower leagues.

Rule W.51 of the Premier League is the relevant section of its regulations, and it states that options for sanctioning a club found guilty of breaches include the powers to:

• “Suspend it from playing in League Matches”
• “Deduct points scored or to be scored in League Matches”
• “Recommend that the League expels the Respondent from membership”
• “Order the Respondent to pay compensation unlimited in amount to any Person or to any Club”

The rules state that any combination of punishments could be applied, and that penalties could be conditional or contingent on a “defined action” being taken.