Everton were docked 10 points after being found guilty of a Premier League financial breach earlier this week.

In an official club statement following the penalty, the Blues confirmed they would appeal the ruling. However, they also declared: “The club will also monitor with great interest the decisions made in any other cases concerning the Premier League’s Profit and Sustainability Rules.”

Such a claim is in reference to Man City and Chelsea also both being the subjects of investigations. And while the Londoners have not been charged, the reigning Premier League champions currently face over 100 charges.

The punishment handed down to Everton is in response to one charge. Man City were referred to an independent panel in February for an alleged 115 breaches of league rulings between the period of 2009 and 2018. A five-year investigation from the league presented them with several different claims against the club.

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During that period, City would win three Premier League titles, an FA Cup, and three League Cups. Such charges inevitably also raises further questions about the club's dealings during an even more successful period, which are not the subject of investigation, over the past five seasons.

Like Everton, Liverpool are obviously one of the sides watching how this investigation unfolds with great interest. Not only do Man City’s 2013/14 Premier League title and 2016 League Cup win come at their expense, but any punishment handed to the club will surely hinder their title and Champions League credentials in the future.

In terms of potential punishments, the independent commission could impose a points deduction in the Premier League - just like they have done with Everton - or even worse yet, expulsion from English football's top-flight.

Other potential punishments include; Suspend a club from playing league matches, recommend that league matches be replayed, order compensation, cancel or refuse registration of players, conditional punishment, or order the club to pay costs. They could also make such other orders as it thinks fit, with it unclear if historical trophies won by City could be reassigned.

One thing’s for sure though. If one proven charge results in a 10-point deduction, which is already record-breaking in the Premier League, the 115 charges against Man City ensure any punishment they face, if found guilty, will be a lot more severe.

But what are the 115 charges against Man City? The Premier League confirmed them in an official statement back in February. They wrote:

In accordance with Premier League Rule W.82.1, the Premier League confirms that it has referred a number of alleged breaches of the Premier League Rules by Manchester City Football Club (Club) to a Commission under Premier League Rule W.3.4.

Details of the Premier League Rules that the Club is alleged to have breached are as follows:

1. In respect of each of Seasons 2009/10 to 2017/18 inclusive, the Premier League Rules applicable in those seasons that required provision by a member club to the Premier League, in the utmost good faith, of accurate financial information that gives a true and fair view of the club’s financial position, in particular with respect to its revenue (including sponsorship revenue), its related parties and its operating costs, namely:

(a) for Season 2009/10, Premier League Rules B.13, C.71, C.72, C.75 (amended to C.79 from 10 September 2009 for the remainder of Season 2009/10) and C.80;
(b) for Season 2010/11, Premier League Rules B.13, C.78, C.79, C.86 and C.87;
(c) for Season 2011/12, Premier League Rules B.13, E.3, 4, E.11 and E.12;
(d) for Season 2012/13, Premier League Rules 16, E.3, E.4, E.11 and E.12;
(e) for Season 2013/14, Premier League Rules 15, E.3, E.4, E.11, E.12 and E.49;
(f) for Season 2014/15, Premier League Rules 16, E.3, E.4, E.11, E.12 and E.50;
(g) for Season 2015/16, Premier League Rules 16, E.3, E.4, E.11, E.12 and E.50;
(h) for Season 2016/17, Premier League Rules16, E.3, E.4, E.11, E.12 and E.51; and
(i) for Season 2017/18, Premier League Rules B.16, 3, E.4, E.11, E.12 and E.51.

2. In respect of:
(a) each of Seasons 2009/10 to 2012/13 inclusive, the Premier League Rules applicable in those Seasons requiring a member club to include full details of manager remuneration in its relevant contracts with its manager, namely:

(1) for Seasons 2009/10 to 2011/12 inclusive, Premier League Rules Q.7 and Q.8; and
(2) for Season 2012/13, Premier League Rules P.7 and P.8; and
(b) each of Seasons 2010/11 to 2015/16 inclusive, the Premier League Rules applicable in those Seasons requiring a member club to include full details of player remuneration in its relevant contracts with its players, namely:

(1) for Seasons 2010/11 and 2011/12, Premier League Rules K.12 and K.20;
(2) for Season 2012/13, Premier League Rules T.12 and T.20;
(3) for Seasons 2013/14 and 2014/15, Premier League Rules T.12 and T.19; and
(4) for Season 2015/16, Premier League Rules T.13 and T.20.

3. In respect of each of Seasons 2013/14 to 2017/18 inclusive, the Premier League Rules applicable in those Seasons requiring a member club to comply with UEFA’s regulations, including UEFA’s Club Licensing and Financial Fair Play Regulations, namely:

(a) for Season 2013/14, Premier League Rule B.14.6; and
(b) for Seasons 2014/15 to 2017/18 inclusive, Premier League Rule B.15.6.

4. In respect of each of the Seasons 2015/16 to 2017/18 inclusive, the Premier League Rules applicable in those Seasons on Profitability and Sustainability, namely:

(a) for Season 2015/16, Premier League Rules E.52 to E.60; and
(b) for Seasons 2016/17 and 2017/18, Premier League Rules E.53 to E.60.

5. In respect of the period from December 2018 to date, the Premier League Rules applicable in the relevant Seasons requiring a member club to cooperate with, and assist, the Premier League in its investigations, including by providing documents and information to the Premier League in the utmost good faith, namely:

(a) for Season 2018/19, Premier League Rules B.16, B.19, W.1, W.2, W.12 and W.13;
(b) for Season 2019/20, Premier League Rules B.16, B.19, W.1, W.2, W.12 and W.13;
(c) for Season 2020/21, Premier League Rules B.16, B.19, W.1, W.2, W.12 and W.13;
(d) for Season 2021/22, Premier League Rules B.15, B.18, W.1, W.2, W.15 and W.16; and
(e) for Season 2022/23, Premier League Rules B.15, B.18, W.1, W.2, W.15 and W.16.

Commissions are independent of the Premier League and member clubs. The members of the Commission will be appointed by the independent Chair of the Premier League Judicial Panel, in accordance with Premier League Rules W.19, W.20 and W.26.

The proceedings before the Commission will, in accordance with Premier League Rule W.82, be confidential and heard in private. Under Premier League Rule W.82.2, the Commission’s final award will be published on the Premier League’s website.

This confirmation is made in accordance with Premier League Rule W.82.1. The Premier League will be making no further comment in respect of this matter until further notice.

City have always vehemently denied the charges. A statement issued by the club following the publication of the charges said: "Manchester City Football Club is surprised by the issuing of these alleged breaches of the Premier League rules, particularly given the extensive engagement and vast amount of detailed materials that the EPL has been provided with.

"The club welcomes the review of this matter by an independent Commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position. As such we look forward to this matter being put to rest once and for all."