Manchester City were found guilty of 114 of the 115 charges against them

The independent commission's verdict against Manchester City has "significant implications for the integrity of the game", according to the Football Association.

In a statement, English football's governing body added: "We are carefully considering the decision and its implications and will take action where appropriate."

The FA's statement comes after it was confirmed on Tuesday that City were found guilty of all charges relating to breaches of the Premier League's financial regulations between the 2009-10 and 2017-18 seasons.

City have repeatedly denied guilt, and have until Friday to lodge an appeal.

"As proceedings between the Premier League and Manchester City Football Club remain ongoing, we do not intend to comment further at this stage," the FA added.

"We will, however, continue to monitor developments closely."

Sources told BBC Sport that City were expected to claim that key sponsorship deals were funded by the Abu Dhabi government, rather than the club's owners, as part of an appeal.

Among the independent panel's findings were that City arranged "sham contracts" with a number of commercial partners as part of a scheme to disguise secret funding of more than £830m.

The Premier League says City "systematically broke Premier League Rules for nearly a decade".

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The independent commission which studied the case found City "utilised devices" to "disguise the true extent of certain club liabilities".

The findings have prompted the Treasury Committee, which is responsible for overseeing policies and administration of His Majesty's Revenue and Customs (HMRC), to ask whether the government department has requested the redacted documents contained within the commission's report.

Dame Meg Hillier, chair of the cross-party group of MPs, said she would "welcome reassurance from HMRC that you are seized of the importance of these issues and the public interest in this case".

The letter follows a report from the Tax Policy Associates, external which claims City failed to pay as much as £12m in unpaid tax because of a "sham" contract with former manager Roberto Mancini.

In addition to unpaid income tax and National Insurance, the report claims City could face a penalty charge that would take their liabilities to £24m.

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City will claim as part of their appeal that key sponsorship deals were funded by the Abu Dhabi government, rather than the club's owners.

Owners Abu Dhabi United Group (ADUG) - a private investment company belonging to United Arab Emirates vice-president and deputy prime minister Sheikh Mansour - are said to have topped up the value of commercial deals as part of a "disguised funding scheme" to the scale of £830.69m.

This, it was argued, enabled the club to appear to comply with Premier League and Uefa financial rules.

Premier League rules allow state-owned bodies to sponsor clubs.

City's principal sponsor Etihad Airways has said it is considering legal action against the Premier League, claiming the release of the commission findings had "damaging implications… despite the airline not being named in the redacted published findings".

The UAE's state-owned national airline said it "categorically rejects any finding, conclusion or implication that suggests the airline has ever been involved in improper commercial arrangements".

Etihad is owned by sovereign wealth fund L'Imad which is chaired by the Crown Prince of Abu Dhabi, the son of the UAE president.

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