The Premier League will suggest a punishment for Manchester City to an independent panel, according to reports on September 25-26 that claim the club was found guilty of breaching financial regulations.

The Athletic, via NBC Sports, reported that City have been found to have breached the league’s financial rules after a long-running investigation into 115 alleged charges. The league will now recommend sanctions to the independent commission.

Crucially, there has been no official confirmation from the Premier League or the club, and no sanctions have been set. City have consistently denied wrongdoing, and any punishment, from fines to a points deduction, remains speculative.

The case is the most significant financial investigation in Premier League history. Until the panel rules and the league speaks officially, the reports remain just that: reports.

Rival fans have seized on the reports, while City supporters urge caution until official word arrives. The club’s legal team has fought the charges vigorously, and any verdict will almost certainly face appeal.