Manchester City were first informed that they had been found guilty of more than 100 breaches of the Premier League's financial rules in the summer, sources told ESPN, before spending heavily in the transfer market.
News of a verdict in the case against was made public Friday. But sources told ESPN that club chiefs were initially made aware of the findings of the independent panel in July. It was followed by an aggressive approach in the summer transfer window during which seven senior signings arrived at the Etihad Stadium at a cost of more than £450 million ($596m).
City twice broke their own transfer record to sign Elliot Anderson from Nottingham Forest for £116m and Enzo Fernández from Chelsea for a joint-British record £125m.
According to sources, the deal for Anderson was agreed before City had knowledge that the independent panel had reached its verdict. A deal for his signing was agreed on July 2 before he officially signed on July 23.
City declined to comment when approached by ESPN on Tuesday. The Premier League said Friday that it would not comment on a "private and confidential process."
City's summer transfer business has helped Enzo Maresca's team make a flying start to the new season with seven wins from seven in all competitions.
They sit top of the Premier League table -- three points clear of defending champions Arsenal -- after winning each of their first five games.
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City have maintained their innocence since Premier League charges were first announced in February 2023. Club sources have made it clear they intend to appeal any guilty verdict.
A statement issued Friday read: "The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality.
"As such Manchester City FC's position remains consistent with the club's statement of February 2023.
"The club has diligently respected due process for eight years on the basis that the Premier League Board and Executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence."