An independent commission has concluded City "clearly intended to circumvent Premier League rules" by inflating revenue and hiding costs over a nine-season period.
David Kogan, the chair of the Independent Football Regulator (IFR), pointed out his body has the power to assess the suitability of club owners and executives "where appropriate," when there is "clear evidence of wrongdoing by individuals."
City have already indicated their intention to appeal, describing the decision as "unsafe," and drew support from former manager Pep Guardiola in an X post on Wednesday afternoon.
City chairman Khaldoon Al Mubarak and CEO Ferran Soriano have said they are confident of the club's innocence. Robbie Jay Barratt - AMA/Getty Images
Kogan acknowledged the City case remains ongoing but outlined the powers the IFR could bring into play should the appeal board broadly uphold the decision of the original commission.
"The independent commission's decision raises serious issues," Kogan said.
"The IFR has powers to assess the suitability of owners, directors and executives and we will use these powers where appropriate, in the interests of protecting the sustainability, honesty and integrity of English football where there is clear evidence of wrongdoing by individuals.
"This includes taking account of findings made by the leagues. However, as the proceedings remain ongoing between Manchester City and the Premier League we will await further developments.
"We hope it can be resolved quickly for the sake of fans. For now, we have no further comment."
In the most extreme cases, the IFR has statutory powers to force directors and managers off boards and to compel owners to divest from clubs.
Guardiola, who won six Premier League titles with City before leaving at the end of last season, issued a social media post via the Pep Team X account in solidarity with the club's bosses, players, coach and supporters.
"I want every single Man City fan to know I am here; more than ever. I am, always have been, always will, be behind my club, my owner, my chairman, Ferran, the players, staff, Enzo and you, our unique supporters," the post read.
"Let me be clear: we will get through this together. I love you all."
City were found to have engaged in schemes to inflate revenue and hide costs to the tune of more than £900 million ($1.2b billion) to avoid breaching Premier League and UEFA rules.
The club have already indicated their intention to appeal, and have said the decision "contains clear material errors, of law, principle and fact, and is unsafe."
City chief executive Ferran Soriano told staff in a video message that the commission had gone along with the Premier League's "conspiracy theory."
The Times, meanwhile, has reported that other top-flight clubs have contacted the league urging a conclusion to the case before the end of the season.
The same commission which has given its decision will now consider what sanctions should be imposed.
These could include significant sporting punishments, such as a points deduction, or even expulsion.
That would be a dramatic fall from grace for a club who have won eight Premier League titles since Sheikh Mansour's 2008 takeover.
The club were found by the commission to have operated a "disguised funding scheme" whereby companies from Abu Dhabi paid a fraction of the sum recorded on the club's books, with the balance settled by Abu Dhabi United Group (ADUG), the company through which Sheikh Mansour owns the club.
That scheme was found to have inflated revenue by more than £830m ($1.1 billion) over the nine-season period between 2009-10 and 2017-18.
The club also were found to have overstated income from image rights by almost £74m ($98.2m), and understated liabilities for staff contracts by almost £17m ($22.5m.)
City were also found to have made "concerted efforts" to "stop and frustrate" the Premier League's investigation.
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