Manchester City have been found guilty of breaking the majority of the 115 financial rules they were accused of breaching, sources have told BBC Sport.

The Athletic, external is reporting that the sanctions have not been decided but that the independent panel has reached its decision, finding the club guilty of all but one count.

Sources have also told BBC Sport a decision has been made in the case, and City have been found guilty of the majority of breaches.

The Premier League declined to comment.

Asked if the report was correct, City did not comment either way.

Instead they released a statement saying the “Premier League process remains ongoing with significant elements to be completed, and subject to strict confidentiality”.

“The club has diligently respected due process for eight years on the basis that the Premier League board and executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence,” it added.

BBC Sport has also been told that, in the event of being found guilty, City will appeal against the findings.

Other Premier League clubs are believed to have been informed about the panel’s decision.