Premier League outlines Manchester City's alleged breach of rules and 'sham' dealings

By David Close, CNN (CNN) -The Premier League has found Manchester City guilty of all of the charges related to serious breaches of the league's financial rules. Sanctions related to the 115 charges have not been disclosed, though potential punishments against the club could include a points deduction, an unlimited fine, or even expulsion from the league entirely, according to the Premier League's handbook.

Manchester City has consistently denied any wrongdoing and in a statement released Tuesday, said it would "pursue the appeal avenues" following the Premier League's disclosure and is "innocent of the accusations." Within the Premier League's statement, it said the independent commission found the Manchester, England-based club "arranged 'sham' contracts (which misrepresented the true agreement between the parties) with a number of its commercial partners, as well as relying on 'sham' agreements with others, to artificially inflate the club's revenues and reduce its costs."

This is a developing story and will be updated.

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