Welcome to the Manchester Evening News' live coverage of the latest developments surrounding Manchester City's Premier League financial case on Thursday, October 22.

The reigning controversy surrounding City's finances has intensified following last month's announcement that the club had been found guilty of breaching financial regulations over a nine-year period between the 2009/10 and 2017/18 seasons.

According to the Premier League's findings, City inflated their reported income by more than £900million through sponsorship agreements described as 'sham' deals. The Blues have strongly rejected the allegations and formally lodged an appeal on October 1, insisting they have done nothing wrong.

In a statement responding to the decision, City maintained they were 'innocent of the accusations made by the Premier League' and insisted they had 'a comprehensive body of irrefutable evidence' to challenge the findings.

Speculation is now mounting over the potential consequences should the original ruling stand. According to the Daily Mail, the 'most likely' punishment could involve three major sanctions, including a substantial points deduction severe enough to ensure relegation and a significant financial penalty.

Reports have also raised the possibility of further repercussions for City's ownership, with suggestions that the club's owners could face removal if the independent commission's verdict is upheld following the appeal.

With the outcome potentially carrying enormous implications for City's future, attention remains firmly focused on the ongoing legal proceedings and what happens next.

Follow our live blog throughout the day for the latest news, reaction and developments as they emerge.