It has now been over six months since the end of Manchester City's trial against the Premier League. In that time they have spent more than £250million on new players.
In January, right off the back of the highly publicised court hearing finishing, City pumped money into rebuilding Pep Guardiola's squad mid-season to try and gain some credibility. The arrival of Omar Marmoush, most notably, helped them to third place.
With the Club World Cup on the horizon and yet more of a revamp needed, City have taken that momentum into the summer window. They have already announced the signing of Rayan Ait-Nouri from Wolves and Rayan Cherki is expected to follow.
They may have lost Kevin De Bruyne but City are investing substantially. They have signed youth talent with a blend of experience at the top level, as well as flat out raw ability in Abdukodir Khusanov and Vitor Reis.
Given how much City's transfer activity has been in the spotlight over recent years since they were charged with over 115 counts of alleged financial mismanagement and cheating, many have been left scratching their heads. How can this be allowed? Will it mean a hefty punishment at any point? And is there anything that can be read into here as far as a verdict goes?
For starters, this is allowed because City's charges mainly relate to things away from simply how much money is being spent on players. Although that has been the focus of Premier League sanctions since Everton were docked points in November 2023, it does not entirely apply to City.
Everton were charged with breaching profitability and sustainability rules (PSRs). That relates to how much money they had lost over a rolling three-year period (with the two Covid-affected seasons rolled into one).
The Premier League found that Everton had lost more than £105million during that timescale and were therefore guilty. Everton never really argued that but did provide mitigation for why and debated the points deduction strongly in public.
The same goes for Nottingham Forest. It is PSRs that have meant nobody spent a dime in January 2024 and the phrase 'pure profit' came into fashion with clubs selling the house china from their academies to boost the accounting figures. This is not what City have been called out for.
Some of the charges do relate to PSRs but the bigger issues are closer to fraud than miscalculations or reckless spending. City are claimed to have inflated sponsorship deals, provided inaccurate financial information, failed to comply with UEFA legislation, and not co-operated with investigations.
It is the widest-ranging set of charges ever, and therefore, potential punishments are just as scalable. Just because City have been charged with more than 115 breaches does not mean they will get over 100 times the points deduction or fines or other teams, though.
We do know that the league has the power to relegate and strip titles if it sees fit. This is why so much attention has been placed on City vs Premier League.
The initial charges were announced in January 2023, though, with a trial not heard until November last year. The outcome was expected before the end of the season.
Manchester City players celebrate winning the Premier League
Manchester City could lose everything if they are found guilty of breaking Premier League rules (Image: AP Photo/Dave Thompson)
The league has wanted to try and avoid mid-season results and confusion over possible punishments. They also wished to avoid the drama and murky backdrop from clouding over another season.
That has not happened. It is now over two-and-a-half years since City were charged and things have all gone very quiet. The transfer activity has brought it back into the spotlight, though.
For Gary Neville, things have gone too far. "That Manchester City case is a disgrace; it's an absolute stain to the game," he said on the Overlap last month.
"I have a lot of admiration for City, but I don't buy into this theory that clubs do really well, and City have, but it is still a stain to the game. It has just been dragging on for years and years, it's an absolute joke.
"Yes, City have been defending themselves, but they've been pushing it so far into the long grass that you end up losing the will to live on it and you forget about it. It just needs to be dealt with."
Football finance expert Kieran Maguire has been awaiting a result patiently like many others. "I think, based on historical evidence, that City have got the upper hand over the Premier League," he said, analysing the outcomes of other rule controversies, including those around associated party transactions.
"Nick DeMarco [a lawyer] thinks it will be a score draw where the Premier League will win some of the 115 charges, but City will have a far stronger case in others." As ever, the football world is in limbo, watching the days tick by without confirmation of what is happening.
City, meanwhile, continue to spend. It is only going to anger Arsenal supporters, who have fought against City in two of the last three years for the title, falling short to their empire of depth and quality.
If it was found that City had benefited from illegal activity (something they strenuously deny), then it would only cause yet more uproar from not just Arsenal but also Chelsea, Tottenham, Liverpool, and all of City's other rivals.