The UK audit regulator is examining accounting irregularities at Manchester City after the club was found to have breached financial rules. No formal investigation has begun, but the FRC has greater powers than the previous oversight body.
01Summary
- 01The Financial Reporting Council (FRC) took over regulatory consideration of Manchester City from the Institute of Chartered Accountants on 30 September.
- 02An independent commission found City guilty of breaching the Premier League's financial regulations between 2009-10 and 2017-18, including inflating finances by over £900m.
- 03The FRC can examine the conduct of auditors BDO and apply sanctions to individuals at the club if they are members of professional accounting bodies.
- 04Manchester City have said they will appeal the commission's decision, citing material errors in law, principle and fact.
- 05Liam Byrne, chair of the business select committee, called for greater FRC powers to compel evidence and pursue directors outside its disciplinary rules.
02Why it matters
This matters because the FRC's involvement could lead to sanctions against the club or its auditors, with consequences for financial accountability in football and beyond.
Pulse AIAsk about this story
Answers are generated by AI from the story summary; they are not investment, health or legal advice.
