Manchester City have issued a statement expressing that they are "surprised" by the alleged financial breaches of Premier League rules.
The reigning top-flight champions have been charged with breaking more than 100 financial rules following a four-year investigation.
Alleged breaches are said to have been committed across nine different seasons between 2009-10 and 2017-18 and will be referred to an independent commission.
The charges against the Citizens relate to financial information regarding revenue, details of manager and player remuneration within the relevant contracts, UEFA regulations, profitability and sustainability and co-operation with Premier League investigations.
Should the commission find Man City guilty of the breaches, they could face a potential range of sanctions including a points deduction or expulsion from the Premier League.
A statement from the Premier League read: "In accordance with Premier League Rule W.82.1, the Premier League confirms that it has today [February 6 2023] referred a number of alleged breaches of the Premier League Rules by Manchester City Football Club (Club) to a commission under Premier League Rule W.3.4.
"Commissions are independent of the Premier League and member clubs. The members of the commission will be appointed by the independent chair of the Premier League judicial panel, in accordance with Premier League rules W.19, W.20 and W.26.
"The proceedings before the commission will, in accordance with Premier League rule W.82, be confidential and heard in private. Under Premier League rule W.82.2, the commission's final award will be published on the Premier League's website.
"This confirmation is made in accordance with Premier League rule W.82.1. The Premier League will be making no further comment in respect of this matter until further notice."
Man City have always categorically denied any breaches of financial rules and they have since responded to the latest accusations with a 79-word statement on their official website.
A statement read: "Manchester City FC is surprised by the issuing of these alleged breaches of the Premier League Rules, particularly given the extensive engagement and vast amount of detailed materials that the EPL has been provided with.
"The club welcomes the review of this matter by an independent Commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position.
"As such we look forward to this matter being put to rest once and for all."
In February 2020, Man City were accused by UEFA of "serious breaches" of club licensing and financial fair play regulations between 2012 and 2016, and were handed a two-year Champions League ban along with a £25m fine.
However, the ruling was overturned by the Court of Arbitration for Sport (CAS) and their fine was reduced to £9m as 'most of the alleged breaches were either not established or time-barred.'
Since the 2008 takeover by Sheikh Mansour and City Football Group, Man City have won six Premier League titles, six EFL Cups, two FA Cups and three Community Shields, including 11 pieces of silverware under manager Pep Guardiola, who took charge in the summer of 2016.
The Citizens – who suffered a disappointing 1-0 defeat against Tottenham Hotspur on Sunday – currently sit second in the Premier League table, five points behind leaders Arsenal, who have a game in hand.
