An independent commission has found Manchester City guilty of serious breaches of the Premier League’s financial rules between the 2009/10 and 2017/18 seasons, as well as three of four charges relating to its failure to cooperate with the league’s investigation.

The commission found that City used “sham” commercial agreements and other arrangements to artificially inflate revenues and reduce costs by more than £900 million, resulting in misstated accounts and the concealment of its financial position from auditors and regulators.

It also found that the club breached both Premier League and UEFA spending limits and made concerted efforts to obstruct the league’s four-year investigation.

The Premier League said the findings represent the most significant disciplinary case in its history. However, the commission will determine the sanctions separately, with possible penalties under the league’s rules including fines and sporting sanctions.

Manchester City has until October 2 to appeal the findings.