The Financial Reporting Council (FRC) has begun a preliminary review of Manchester City’s financial reporting following findings by an independent commission that the club breached financial regulations.

No formal investigation has yet been opened. However, according to the Daily Star, any official inquiry would be the fifth investigation faced by Manchester City in connection with financial matters.

The commission concluded that Manchester City had used fictitious contracts over a nine-year period to conceal almost €1.15bn in income before submitting financial statements that did not accurately reflect the club’s finances.

Manchester City has appealed against the commission’s ruling, arguing that it contains significant errors of both law and fact.

The FRC’s review will consider the implications of those findings for the club’s financial reporting. Its current process remains preliminary, and it has not confirmed that a full investigation will follow.

Authorities have also examined a loan worth about €63m provided from state funds to companies linked to Manchester City owner Sheikh Mansour.

Separately, the independent football regulator plans to assess whether Manchester City’s owners meet the requirements to run the club.