Manchester City were informed of guilty verdicts on more than 100 financial rule breaches by an independent Premier League panel in July, sources told ESPN, prior to their summer transfer activity. The club then pursued an aggressive spending spree, signing seven senior players for over £450 million ($596m), including Elliot Anderson from Nottingham Forest for £116m and Enzo Fernández from Chelsea for a joint-British record £125m. The deal for Anderson was agreed on July 2, before City knew of the verdict, with the player officially signing on July 23.

City declined to comment when approached by ESPN, and the Premier League stated it would not discuss the 'private and confidential process.' Despite the findings, City have maintained innocence since charges were first announced in February 2023 and intend to appeal. Their summer spending has contributed to a strong start under Enzo Maresca, with seven wins from seven in all competitions and a three-point lead at the top of the Premier League table over defending champions Arsenal.