Manchester City has released its annual report, shedding light on the potential outcome following a hearing into 115 charges brought by the Premier League. The club stands accused of allegedly violating financial rules over a nine-year span from 2009 to 2018.

An independent hearing was held a year ago, but alongside Liverpool and the rest of the Premier League, the club is still awaiting the verdict. The commission has yet to publicly announce its decision on the alleged breaches, which City vehemently denies.

Last month, former financial adviser Stefan Borson suggested that a decision was 'imminent' and could be revealed before Christmas. "I think Simon (Jordan) thinks it's going to come out next year, I think it still could come out before Christmas," he shared with talkSPORT

"The decision has been imminent for quite some time, there's not a lot that they can do. It doesn't take that long."

However, according to the Manchester Evening News, City's annual report states that the independent commission is still 'reviewing the matter'.

The annual report from City reads: "In response to the charges, the Club issued a public statement that it welcomes the review of this matter by an independent Commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position.

"As at the date of publishing these financial statements, the independent Commission is still in the process of reviewing the matter. Based on their evaluation of the Group's prospects and viability, the Directors confirm that they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due within the 12 months following the approval of these financial statements.

"Consequently, the financial statements have been prepared on a going concern basis."

Borson also believes that neither the club nor the Premier League should be held responsible for how long the case has dragged on.

"Well, look, nobody knows because even the parties themselves expected to have been told by now," he added. "All the lawyers are surprised there is no decision at this stage, and that's on both sides. I'll tell you who's holding it up - the panel making the decision. They hold the pen.

"They are the people who everybody waits for to deliver the decision. Well, nobody knows. We know the long list - you can cobble it together from all of the people on the judicial panel - but we don't know who is on that list.

"We can make some guesses that it's probably two lawyers and maybe one accountant. But we don't know who is on the panel and what they were told to produce by when.

"We can now assume I think, given how long it has been and that everybody is so surprised that they don't have a decision, that actually there's very little guidance given to them and they weren't effectively paid for their time from the moment the case ended." (LIVERPOOL.COM)

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