If you were getting the impression that the saga over Manchester City's 115 charges was almost over, think again. Two years and 10 days since the hearing began, and 1,329 days after City were charged, we now know a verdict has been reached, with the club guilty of the majority of financial rule breaches. That is not because the Premier League or Manchester City have told us - it is thanks to the Athletic finding out and breaking the story.

External BBC Sport was later told the verdict was sent during the week to club executives, who had to sign a non-disclosure agreement to open the file. A process can appear to be completely watertight, as this one certainly had been, but when the circle of trust is expanded, the chance of information getting out increases. Despite this, public silence from the Premier League continues.

City did not address whether they had been found guilty in a statement making it clear - with an appeal expected - that the "process remains ongoing" from their point of view. It all points to the suggestion that the long-awaited decision of the independent panel was not a case of this process nearing an end, but perhaps instead reaching the end of the beginning. It appears the chaos and uncertainty is only going to increase now.

City fans, and the rest of football, are left to guess what the punishment might be. And when this all might reach a definitive conclusion. The charges are so serious that some form of points deduction now appears inevitable, subject to the appeal by City, who have always insisted they have done nothing wrong.

When and how any punishment is applied will be crucial not just for City, but the Premier League as a whole. And that's before we get to the prospect of clubs suing City for compensation. Enzo Maresca's side go to Liverpool on 11 October when the Premier League resumes after the international break.

They could go six points clear at the top. But is that now rendered meaningless? The panel will have to comb through the hundreds of pages of evidence and determine the punishment. Remember, Everton were docked six points, reduced from 10 on appeal, and then two points in separate cases for breaches of profit and sustainability rules (PSR).

Nottingham Forest were deducted four points. These were considered to be minor breaches, while City faced seven separate charges on PSR breaches in the Premier League alone, as well as a further five related to Uefa competitions. This aspect alone suggests a large points penalty.

That is before you get into the inflated sponsorship revenue allegedly channelled through the companies' accounts as a means of meeting financial fair play rules, payments to players and managers, and a failure to comply with investigations. Deciding the punishment should be quicker than ascertaining guilt, but nothing is certain in this case. As the charges have been denied, it will have to go to a sanction hearing convened by the independent panel.

BBC Sport has been told this hearing could still be months away, and the result may not be published until the appeal is completed. At the hearing, everything will be on the table. Fines, points deductions and even demotion.

This differs from Chelsea's case earlier this year, as the Stamford Bridge club self-reported and admitted guilt. That allowed them to negotiate with the Premier League and reach a sanctioning agreement. It is possible that City could decide to hold their hands up and try to agree a deal - which would be better for the league - though that seems unlikely given the club's consistently strong denials over many years.