Manchester City's owners artificially inflated the club's commercial revenue by £830 million ($1.08 bn) between 2009 and 2018, the Independent Commission found during the Premier League hearing into the 115 charges for serious financial breaches.
The Abu Dhabi-owned club were found guilty of all charges by the Commission with Premier League CEO Richard Masters saying City "systematically broke Premier League rules for nearly a decade."
And in the written findings explaining the Commission's verdict, City were found guilty of using a Disguised Funding Scheme which enabled the club's owners to grossly inflate the real commercial earnings by directly funding the team.
During the 2017-18 season, Pep Guardiola's second in charge of the team, City recorded £145.73 million ($192.4m) in commercial revenue, with only £11 million ($14.5m) paid by sponsors and the remaining £134.73 million ($178m) paid by the owners, which is against Premier League rules.
Between 2009 and 2018, City declared a total of £949.94 million ($1.25 billion) in commercial revenue from Abu Dhabi sponsors, but only £119.25 million ($157m) of that figure was paid for by the sponsors.
A total of £830.39 million ($1.08 bn) in so-called Tagged Sums were paid to the club by Abu Dhabi United Group (ADUG) the vehicle used by Abu Dhabi as the club's owners.
During that nine-year period, City won three Premier League titles and signed several star players including Carlos Tevez, Sergio Aguero, Kevin De Bruyne and David Silva as well as hiring Guardiola as manager in 2016.
Further evidence showed that a £9.9m ($13.m) "hole" in the club's accounts was "plugged" to avoid a failure to comply with regulations in 2012-13.
"In a matter of days, without AD [Abu Dhabi] Sponsors even being approached, a number of modified AD Sponsor Agreements were generated which purported to reflect 'agreements' on the part of certain AD Sponsors to increase recorded Sponsorship Fees per se, to pay bonuses for events that had already taken place and to pay for a US tour," the written findings said.