The hammer is about to drop on Manchester City — and the football world is bracing for impact.
Senior figures within the game have told BBC Sport that the punishment for Manchester City's staggering breach of Premier League financial rules should be handed down before the end of this season, bringing a three-year saga to a dramatic climax.
The Premier League confirmed Tuesday that the reigning champions were found guilty of all charges relating to breaches of its financial regulations between the 2009-10 and 2017-18 seasons — including artificially inflating revenue by more than £900 million through what investigators called "sham" sponsorship deals.
City have repeatedly denied any wrongdoing and signalled they intend to lodge an appeal by the end of this week, setting the stage for what could become the biggest legal battle in the history of English football.
But insiders say enough is enough — and the clock is ticking.
'It benefits everyone for this to be resolved quickly'
There have been fears that the process, which has dragged on for three years since City were first charged, could be drawn out for much longer. However, senior figures within football have told BBC Sport they see no reason why the case cannot be concluded by the end of this season.
Speaking on condition of anonymity, one club official said: "It benefits everyone for this to be resolved as quickly as possible."
When asked if they believed it would be, they said: "Instinctively yes, but it has to be done right. We can all see what the risks are if it's not. But those risks have been there throughout the process, as they've won the league multiple times during it."
Another source said the process "should" be resolved by the end of the season, and they hoped any appeal would be "compressed".
The final decision rests in the hands of the independent commission, with the Premier League board — and City themselves — able to suggest a suitable punishment before the panel makes its ruling.
The 'farce' nobody wants
There is a growing desire to have the case resolved by the end of the season amid fears that allowing City to reach the end of the campaign without punishment could lead to uncertainty and outright farce — particularly if they were to win the title while under a guilty verdict.
One section of the Premier League regulations says an appeal should conclude no more than 12 weeks after it is filed, and a decision should be made within 30 days of its end. Procedures can be hurried to meet certain deadlines, like the end of a league season.
However, Ferran Soriano, the club's chief executive, has suggested the case will run for a long time — a signal that City are prepared to fight this all the way.
Manchester City cannot make a further appeal to the Court of Arbitration for Sport (CAS), but could potentially claim the process was not impartial at the High Court — a move that would drag the affair into the British legal system.
The Premier League's statement, formally announcing the guilty verdicts on Monday, said it wants the process to be "concluded as soon as possible".
Etihad fires back
In a stunning twist, City's main sponsor Etihad Airways said it is considering legal action against the Premier League itself.
In a statement issued on Wednesday, the United Arab Emirates-based airline said it "categorically rejects any finding, conclusion or implication that suggests the airline has ever been involved in improper commercial arrangements".
It added: "The Premier League's public communication of the commission's findings, following a period of selective leaks and reporting, has further created damaging implications for Etihad despite the airline not being named in the redacted published findings."
Etihad, City's main sponsor since 2009, also said it was given no opportunity to engage in a process that now reflects "adversely on the airline".
"Etihad is deeply concerned by the way this matter has been communicated publicly," the statement continued. "The lack of clarity and transparency, together with the selective disclosure of information, has created damaging implications for Etihad despite the airline not being named in the published decision."
"The Premier League must take responsibility for the consequences of the way in which these findings have been presented. Etihad will seek the relevant legal counsel on the options and recourse available to protect its interests."
The Premier League declined to comment when contacted.
What happens next?
The question now gripping the football world is simple but seismic: what punishment will be handed down, and when?
Relegation, points deductions, massive fines, and even expulsion from the Premier League have all been mooted as possible sanctions. Whatever the commission decides, the fallout will reshape English football for years to come.
City won eight trophies during the period for which they were investigated — a haul that now stands under a cloud. For the fans of rival clubs who have long suspected the playing field was never level, the guilty verdict is vindication. For City, it is the fight of their lives.
One thing is certain: the end of this season cannot come soon enough — for Manchester City, for the Premier League, and for a football world desperate for answers.
