After a long, long wait, Liverpool and the rest of the Premier League is set to learn the outcome of the case into Manchester City's 115 charges of alleged financial breaches.
The final arguments were presented at London's International Dispute Resolution Centre on Friday, marking the end of the hearing that began on September 16. The implications of the outcome are guaranteed to be seismic for the Premier League, whatever they happen to be, innocent or guilty.
City has won six of the last seven league titles. It became the first club to win the English top flight for four successive seasons in 2023/24, yet that unparalleled success might be rendered a sham if the club is found guilty of breaching Premier League financial rules over a nine-year period which began in 2009.
Although the case has now concluded, it could still be a long wait for any sort of verdict or punishment to be handed down. It is anticipated that initial verdict could take months to arrive, with deliberations expected to be lengthy, and any appeal would likely prolong matters.
But what are the implications from the potential punishments from a Liverpool perspective? After all, if City is deemed to have cheated, the Reds will have more reason than any other club to feel aggrieved.
The Reds finished second by one point behind Pep Guardiola’s side in 2018/29 and 2021/22. Other teams have been runners up in recent years but not by so narrow a margin. Here’s a look at the three likeliest punishments if a guilty verdict is passed and how they would affect Liverpool.
A fine
This would be the outcome likeliest to bring the whole sorry saga to the swiftest possible conclusion. Given the money at its disposal, it's reasonable to assume that City would simply pay its bill and move on. Assuming this would have no impact upon the finances of the club and how it would be run, this would make no difference to the Reds.
Points deduction
To many, this would be the obvious punishment. Everton and Nottingham Forest were docked eight and four points in total respectively last season after breaching profit and sustainability rules. Already lagging behind in the title race, any points deduction would surely rule City out of the running this season, and strengthen Liverpool's push for silverware.
Liverpool is already eight points ahead of City with a game in hand, with Pep Guardiola's side having won just four points from their last six games. Anything more than an 11-point gap would surely be out of reach even for City - the question is, especially for teams lower down the table, would the deduction be big enough to put them in danger of relegation? Speaking of which...
Relegation
The big one, the most severe punishment. This would obviously improve Liverpool’s hopes of winning the title both this season and next, for starters.
But it would have a wider impact. City’s star players are unlikely to want to spend a season outside the Champions League, much less embrace slumming it in the Championship for 46 games. A full on fire sale might feel unlikely but their squad would likely be decimated, although Guardiola has already penned a new two-year contract.
Everyone connected with Liverpool will be following proceedings with great interest. The outcome could shake up the whole football world though.
An original version of this article was first published on September 12. It has been updated following the conclusion of the case against Manchester City.