The independent panel said commercial contracts were used to conceal more than £830 million in funding from Abu Dhabi ownership between 2009 and 2018. It also concluded that some club witnesses gave evidence they knew to be untrue.
Those are serious findings, but the case is not necessarily over. Manchester City can appeal, and Al Mubarak’s statement makes clear that the club is preparing for a prolonged legal and sporting dispute rather than accepting the judgment.
The chairman has led City since Sheikh Mansour’s takeover in 2008, the beginning of a transformation that turned the club into England’s dominant force and ultimately brought the Champions League to the Etihad in 2023.
The panel’s conclusions place that rise under renewed scrutiny. The alleged concealed funding was said to have supported major transfer fees and wages, helping City assemble squads packed with elite talent, including Erling Haaland.
City’s achievements will not simply disappear from the record. However, the ruling creates a difficult question for football: how should sporting success be viewed when the financial foundations behind it are being challenged?
Al Mubarak’s response has been to insist that the club’s “confidence and determination to establish their innocence” remain as strong as when proceedings began. His position leaves little room for compromise.
The appeal will now become the central storyline around Manchester City. Until that process is complete, the club’s public battle with the Premier League is likely to overshadow even its performances on the pitch.
For City, the next phase will test more than its legal arguments. It will test the credibility of its leadership, the reputation of its ownership model and the legacy of an era that changed English football.