Six-time Premier League winners Manchester City face the risk of points deduction for breaking a number of financial fair play regulations.
This is after an unprecedented move by the Premier League to charge the Cityzens following a four-year investigation that was delayed on several occasions by legal challenges.
Among the charges that the reigning champions face relate to financial information regarding revenue, details of manager and player remuneration, as well as UEFA regulations.
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Other charges that the Pep Guardiola-coached side face include those relating to profitability, sustainability, and cooperation with Premier League investigations.
A statement from the league said alleged breaches were committed from September 2009 to the 2017-18 season and will now be referred to an independent commission.
The Premier League further indicated that City breached rules requiring them to provide "accurate financial information that gives a true and fair view of the club's financial position".
Man City is now waiting to discover what action, if any, will be taken against them, with Guardiola’s side back in the hunt for Premier League, FA Cup and Champions League honours in the 2022-23 campaign.
Football finance experts have pointed out that no punishment can be ruled out at this early stage.
According to Football Daily, the defending champions could face point deductions, a move which would hamper their title hopes.
Manchester City is expected to defend itself against the charges.
The club currently sits second on the league table with 45 points, five behind league leaders Arsenal who have a game in hand.