Manchester City have lodged a formal appeal against the independent commission verdict that found them guilty of serious breaches of Premier League financial rules.

The club confirmed the ‘comprehensive appeal’ was filed at 7 pm on Thursday, one day before the Premier League deadline. City say the commission’s opinion contains ‘clear material errors, of law, principle and fact and is unsafe’.

An independent commission had found on Tuesday that City arranged ‘sham’ commercial deals between 2009-10 and 2017-18 to inflate revenues and reduce costs by more than £900 million. It also found misstated accounts and breaches of spending limits.

City CEO Ferran Soriano described the verdict as based on ‘a single false accusation’ and a ‘Premier League conspiracy theory’. The club insists a ‘comprehensive body of irrefutable evidence’ supports its position.

Under Premier League rules, the appeal hearing must be held within 12 weeks, with a decision due within 30 days of its conclusion. A fresh appeal board will be appointed. No sanctions have yet been determined.