The UK’s Financial Reporting Council (FRC) has started preliminary inquiries into Manchester City’s financial records after an independent commission ruled the club breached Premier League financial rules.
The regulator confirmed it took over the matter from the Institute of Chartered Accountants in England and Wales on 30 September. In a letter to the House of Commons Business, Culture, Energy, and Sport Committee, the FRC stated it is currently examining the case to decide whether a formal investigation is needed. No formal probe has been launched yet.
The move follows a recent independent commission ruling that found Manchester City guilty of all charges relating to financial rule breaches between the 2009/10 and 2017/18 seasons. The commission concluded the club had artificially inflated its financial position by more than £900 million through arrangements that concealed the true source of shareholder funds, giving a misleading picture and leaving auditors unaware of the scheme.
Manchester City has strongly rejected the findings and is appealing, arguing that the judgment contains “material errors of law, principle, and fact and is unsafe.”
The FRC has greater resources and stronger powers than the previous body. It can assess whether BDO, the club’s auditors, complied with professional standards. BDO is one of the UK’s largest accounting firms and audits more Premier League and Championship clubs than any other. The regulator can also sanction directors, employees, and other individuals covered by professional accountancy disciplinary rules.
Liam Byrne, chair of the House of Commons Business Select Committee, has raised concerns about the FRC’s powers. In a post on X, he said the regulator’s letter highlighted gaps in its ability to compel evidence from the club and pursue directors outside its disciplinary reach. He called on the government to explain why earlier reforms to close these gaps were abandoned and what steps will now be taken to strengthen accountability.
SNOW TV NEWS EDITORIAL ASSESSMENT
The Financial Reporting Council’s decision to open preliminary inquiries into Manchester City is more than routine paperwork—it is a quiet escalation of a scandal that has already rattled English football.
An independent commission has already found the club guilty of inflating its finances by over £900 million through concealed shareholder funding. The city is appealing, as expected. But the arrival of the FRC—an organization with sharper teeth than previous regulators—changes the tone. Auditors, directors, and the club’s books now face scrutiny under a tougher regime.
This is not just about one club’s accounts. It is a test of whether football’s financial rules have real teeth or whether wealth and appeals can still buy time. The gaps in the FRC’s powers, flagged by MPs, only underline how unfinished this accountability story remains.
Whatever the final outcome, the message is clear: the era of looking the other way is ending.
Sir Bartholomew White Ebe is a Nigerian Media Personality, Music Artist, Producer, Blogger and a Relationship Coach. He is a publisher specializing in Nigerian current affairs, politics, and lifestyle news. As the founder and chief editor of Snow Multimedia Connect {SNOW TV} he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
