Manchester City have until midnight today, Friday, October 2, to file an appeal after an independent commission found them guilty of breaching Premier League financial rules.

The Premier League announced on Tuesday that the commission, following a four-year investigation, found the club guilty of almost all 115 charges leveled against it between the 2009/10 and 2017/18 seasons.

The panel ruled that City used sham commercial contracts to inflate revenue and hide costs running into over £900 million. According to the findings, only £119.25m of about £950m in Abu Dhabi-linked sponsorship income was actually paid by the sponsors, with the balance covered by the club’s owner, Abu Dhabi United Group (ADUG).

The verdict also stated that City breached both Premier League Profitability and Sustainability Rules and UEFA’s Financial Fair Play regulations, and made deliberate attempts to obstruct the league’s investigation.

The Abu Dhabi-owned club has rejected the ruling. In a statement, City said it was “both disappointed and surprised” by the commission’s opinion and maintained that “a comprehensive body of irrefutable evidence exists” in its favour.

The club described the verdict as containing “clear material errors of law, principle and fact, and is unsafe,” adding that it will be relentless in pursuing all legal avenues to clear its name.

No punishment has been announced. Sanctions will be determined in a separate hearing and could include a substantial fine, points deduction, or even relegation. If an appeal is lodged, a new three-man panel will hear the case within 12 weeks.

The Football Association has said the case has “implications for the integrity of the game.” The UK Treasury Committee has also written to HMRC to ask what action it will take in light of the verdict.

Former manager Pep Guardiola reacted on Wednesday, saying: “I am, always have been, always will, be behind my club. We will get through this together.”

Manchester City now have until 11:59pm UK time tonight to formally lodge their appeal.