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Manchester City have been found guilty of the majority of the 115 financial rule breaches they were accused of.

While it is not known when the outcome will be officially communicated to the public by the Premier League, it is understood the punishment decided by the panel will be released before any appeal is completed.

City deny wrongdoing but being found guilty on the most serious charges means they could be looking at a points deduction serious enough to relegate them, large fines or even expulsion from the Premier League.

They won three Premier League titles, three League Cups and the FA Cup during the time in question - which ran up to 2017-18.

Meanwhile, Premier League clubs have sought legal advice as to whether they would have a compensation claim.

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Clubs seek legal advice over Man City charges compensation

Man City and the 115 charges - key questions answered

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Football on Trial: The Manchester City Charges

Scott, Manchester United fan: "It's been so long in the pipeline. Initially I was relieved we had a verdict finally and in the hours since I've been thinking about missed titles but it goes deeper than United.

"I am interested to see how this going to unfold. This unprecedented and I cannot get my head round it. Is expulsion possible?"

More from the Anfield Wrap's Neil Atkinson, speaking to BBC Radio 5 Live: "It might be re-entering the EFL at the bottom of the League Two or the National League. The cans of worms are everywhere. Man City literally play in a stadium that is rented to them by Manchester City Council.

"Many of the positions that have come out from a position of power across Manchester have been to close ranks. This is about acting in a fraudulent way and refusing to hold your hands up. This attitude is one that has been there culturally."

Stefan Borson, football finance expert, speaking to 5 Live: "The Premier League rules are agreed by the Premier League clubs. You might not like them but you have to adhere to them.

"I do think we are going to get into a situation where City will be asking an independent commission for certain things but they are going to get very little. But it's not going to be quick process. It's going a period of uncertainty."

Liverpool host Manchester City in their next match on 11 October.

The Reds finished second to City in 2013-14, one of the seasons in question.

More from the Anfield Wrap's Neil Atkinson, speaking to BBC Radio 5 Live: "This is about fraudulent behaviour by a club at the very top. We haven't seen the written report yet. If this is dragging on in three months and no-one knows if they could finish the season, it might be a different Manchester City that everyone is playing.

"Do Erling Haaland's two goals to win 2-1 at Anfield count in three months' time?"

The Anfield Wrap's Neil Atkinson, speaking to BBC Radio 5 Live: "The atmosphere would be up anyway but it'll be up even more off the back of this.

"Stefan's tone about what is acceptable and not acceptable is spot on. This isn't a matter of points deduction; it's a matter of expulsion. Man City could beat Liverpool at Anfield and be on 18 points when we're going through a process that could lead to them being expelled from the Premier League."

Stefan Borson, football finance expert, speaking to 5 Live: "The regulation round the game is for the best. There's things that City seem to have done and the breaches they appear to have been confirmed are far beyond football regulation.

"Even if there were no rules, you can't go around faking contracts, faking agreements, registering revenue in your accounts that wasn't generated. None of those things are permitted even if you have no football regulation. This about wrongdoing by the club of matters which would be breaches in any scenario, even if there were none at all.

"Chelsea admitted and there may have been circumstances why. But the fact of the matter is City have denied this stuff for a generation and have gone through a process that's ended up costing let's say £100m against the Premier League. They have denied, denied and denied. That means when it goes to a sanction hearing they are going to be a far worse situation."

Sami Mokbel, Dan Roan and Nizaar Kinsella

It also emerged that:

• Other Premier League clubs have been formally told about the independent panel's decision. A select group of club directors were informed by email and had to sign a non-disclosure agreement before they could read the document, a source told the BBC
• While it is not known when the outcome will be officially communicated to the public by the Premier League, it is understood the punishment decided by the panel will be released before any appeal is completed
• Manchester City deny wrongdoing but being found guilty on the most serious charges means they could be looking at a points deduction serious enough to relegate them, large fines or even expulsion from the Premier League
• An appeal process could mean the uncertainty surrounding the case continues to cloud the top flight

Sami Mokbel, Dan Roan and Nizaar Kinsella

Premier League clubs have sought legal advice as to whether they would have a compensation claim over the Manchester City 115 charges case.

After a long wait for the outcome, City have been found guilty of breaking the majority of the financial rule breaches.

BBC Sport has also been told that the club will appeal.

It has emerged that a number of Premier League sides, prior to Friday's news, had already started seeking advice over whether they would have a case for financial compensation as a result of City's breaches.

Prime Minister Andy Burnham has urged people to "study" the independent commission's report in "some considerable detail before reaching any conclusions" on the charges facing Manchester City.

"I would have to look at the report of the independent commission, and people shouldn't jump to those kinds of conclusions," Burnham told ITV Granada.

"I know this has been a long process between the club and the Premier League. I think it has been quite a contested process.

"So I don't think it's as simple as jumping to conclusions. I think we would all need to study the independent commission's report in some considerable detail before reaching any conclusions."

Image source, Getty Images

Former Manchester City midfielder Rodri plays for Spain, who take on England tomorrow night in the Nations League.

Ian Dennis
BBC Radio 5 Live senior football reporter

It is unprecedented. I've seen rival supporters calling for titles to be stripped. Luton Town were hit with a record 30 points deduction in 2008-09 and Swindon Town were faced with a one-season demotion.

The sanctions are going to be fascinating because there is no precedent.

I'm at Wembley Stadium and Rodri is due to speak to the media tonight.

BBC Radio 4

Former Manchester City chairman David Bernstein told BBC Radio 4's PM programme that the penalty handed down to Manchester City 'will have to be a severe one' and that 'there's no end to the possible problems coming out of this'.

Bernstein, who's a Manchester City fan, told Anita Anand that he was 'in a state of shock': "This is very personal to me. This is my club. So this is really personally painful. I feel almost in a state of shock at this news."

Bernstein said that he doesn’t know exactly what punishment will be given out, but expects it to be serious: "I think the penalty will have to be a severe one, but quite how it will fall, I don't know.

"I think it would be a travesty if the appeal process is allowed to go on for years.

"This is sort of pushing to the long grass because in a way, the longer this goes on, the more the problem is compounded.

"He also thought that there is a real possibility of other clubs taking action against Manchester City.

"Whether you're going to get legal suits between other clubs and Manchester City, I have no idea, but there's no end to the possible problems coming out of this."

BBC Radio 5 Live

Finally, from Man City fan Matt on BBC Radio 5 Live: "If we are removed from the league, we'll come back stronger. If you've done wrong, you have to face the consequences.

"What will be, will be. We will fight to the end and get behind our team. Look at how we've started the season. I'm sure Arteta is enjoying what is unfolding at the moment."

BBC Radio 5 Live

Man City fan Peter on BBC Radio 5 Live: "It's interesting because we don't know what the punishment will be, we could end up in the National League or stay in the Premier League.

"If you don't break the rules initially, are City in this position now? Probably not. In 10 years, I think City are in a stronger position than if they hadn't broken the rules. Morally, there are obviously issues.

"From a club perspective, it has to be a bit tainted. I would still see the centurion's team as the best of all time."

BBC Radio 5 Live

More from Man City fan Matt on BBC Radio 5 Live: "We have a song about going down with a billion in the bank. If we get titles taken off us, point deductions, we come out of this league, then we will fight until the end.

"I can't wait to see Erling Haaland bag a hat-trick against Grimsby.

"You go through the good times and the hard times. We have to go to Liverpool and it's going to be very interesting to see how we react.

"We boo the Champions League anthem, well what about the Premier League?"

BBC Radio 5 Live

Man City fan Matt on BBC Radio 5 Live: "After listening to that, I think I need therapy now. It's escalated over the last few hours. It's so hard to be a die-hard Blue.

"The decision is made, yet we haven't appealed it or really made a statement yet. It's very community-focused, the way it's been run for the fans, you can't take it away.

"I was there when Paul Dickov scored back in Division Two. We celebrated that success and went on to do incredible things."

Stefan Borson, football finance expert, speaking to 5 Live: "I think it's more likely you will see a defiant reaction [from Manchester City]. I'm not sure that is well placed but I think that's more likely.

"There's a wrinkle with a defiant approach - if they have breached all these things and the decision is scathing - is the Independent Football Regulator and the potential around the owners and directors test and what might float from that. There's another regulator in town and they could be interested in some of the findings."