Manchester City have been found guilty of 114 of the 115 charges relating to alleged breaches of the Premier League’s financial regulations.

The eight-time Premier League winners now face the possibility of being relegated to the Championship, or expelled from the competition altogether.

Four top-flight clubs are exploring legal action against the Citizens, as they seek compensation for loss of earnings, per the Independent .

Arsenal, Manchester United, Liverpool and Tottenham Hotspur have preserved their rights for compensation, which could be worth more than £200 million.

Man City are expected to challenge the ruling, and so any legal action would only be possible after the appeals process has been completed.

Clubs could argue that City’s rule breaches between 2009 and 2018 affected their sporting and financial prospects.

For example, Manchester United missed out on the 2011-12 and 2017-18 Premier League titles, finishing second in both seasons.

The same applies to Liverpool who finished two points behind the Citizens in 2013-14.