The Premier League has charged Manchester City with breaching its rules on more than 100 occasions over several years.
The Guardian reported that if the charges are proven, it would be the greatest offence committed by a club in the history of the competition.
The independent commission which will consider the charges could recommend that City be expelled from the competition, suspended, or docked points if it finds the club guilty.
Manchester City have been accused of failing to give “a true and fair view of the club’s financial position”, and of failing to “include full details” of player and manager remuneration.
The six-time Premier League champions are also charged with failing to comply with rules regarding financial fair play (FFP) and failing to cooperate in a Premier League investigation that has concluded after more than four years.
The financial charges brought against Manchester City cover the period 2009-2018.
The charges requiring a club to “cooperate with, and assist, the Premier League in its investigations” extend from 2018 to this season.
The charges will be heard by an independent commission, to be appointed by the chair of the Premier League judicial panel, Murray Rosen KC.
In February 2020, UEFA banned Manchester City from the Champions League, after the club was found to have broken the financial rules of the competition and misled the European governing body.
However, the ban was overturned on appeal by the court of arbitration for sport.
Manchester City have always denied wrongdoing. A club statement on Monday said:
Manchester City FC 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.
The Premier League said proceedings before the commission would, in accordance with its rules, be confidential and heard in private.