Manchester City have been found guilty of all 115 charges of serious breaches of Premier League regulations, the Premier League confirmed in a 1,545-word statement Tuesday. Richard Masters, the Premier League CEO, said that the findings show that City "systematically broke Premier League rules for nearly a decade."

City face huge points deductions and fines, with the Premier League holding the ability to issue an ultimate sanction of expulsion from the league. City, who denied all charges, have until Friday to exercise their right to an appeal. In its verdict, the independent panel found that City arranged "sham" contracts with commercial partners to artificially inflate their commercial earnings, filed "misstated" accounts to conceal the true nature of their finances and "significantly" breached Premier League and UEFA spending limits.

The Premier League said City used "disguised funding schemes" to deceive and mislead the league, inflating revenues and reducing costs by more than £900 million during the affected period. The Commission concluded that "by its conduct the club clearly intended to circumvent the PL Rules."

Masters called the verdict a "vindication" of the decision to take action, stating it is "the most significant in Premier League history." The club has until Oct. 2 to appeal. City expressed disappointment and surprise, maintaining their innocence and citing "irrefutable evidence" in their support.