Manchester City's Spanish manager Pep Guardiola (R) and Manchester City's Belgian defender Vincent Kompany (L) show the Premier League trophy to supporters outside the Etihad Stadium in Manchester, northern England on May 12, 2019 - Manchester City held off a titanic challenge from Liverpool to become the first side in a decade to retain the Premier League on Sunday by coming from behind to beat Brighton 4-1 on Sunday. (Photo by OLI SCARFF / AFP)        (Photo credit should read OLI SCARFF/AFP/Getty Images)
PHOTO: OLI SCARFF/AFP/AFP/Getty Images
Manchester City's Spanish manager Pep Guardiola (R) and Manchester City's Belgian defender Vincent Kompany (L) show the Premier League trophy to supporters outside the Etihad Stadium in Manchester, northern England on May 12, 2019 - Manchester City held off a titanic challenge from Liverpool to become the first side in a decade to retain the Premier League on Sunday by coming from behind to beat Brighton 4-1 on Sunday. (Photo by OLI SCARFF / AFP) (Photo credit should read OLI SCARFF/AFP/Getty Images)
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Manchester United's French striker Anthony Martial warms up for the English Premier League football match between Fulham and Manchester United at Craven Cottage in London on January 20, 2021. (Photo by Adrian DENNIS / POOL / AFP) / RESTRICTED TO EDITORIAL USE. No use with unauthorized audio, video, data, fixture lists, club/league logos or 'live' services. Online in-match use limited to 120 images. An additional 40 images may be used in extra time. No video emulation. Social media in-match use limited to 120 images. An additional 40 images may be used in extra time. No use in betting publications, games or single club/league/player publications. / (Photo by ADRIAN DENNIS/POOL/AFP via Getty Images)
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Paris Saint-Germain's French striker Kylian Mbappe celebrates scoring his team's second goal during the first leg of the UEFA Champions League round of 16 football match between Manchester United and Paris Saint-Germain (PSG) at Old Trafford in Manchester, north-west England on February 12, 2019. (Photo by FRANCK FIFE / AFP) (Photo credit should read FRANCK FIFE/AFP/Getty Images)
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Crystal Palace's English manager Roy Hodgson gestures on the touchline during the English Premier League football match between Burnley and Crystal Palace at Turf Moor in Burnley, north west England on November 23, 2020. (Photo by Jan Kruger / POOL / AFP) / RESTRICTED TO EDITORIAL USE. No use with unauthorized audio, video, data, fixture lists, club/league logos or 'live' services. Online in-match use limited to 120 images. An additional 40 images may be used in extra time. No video emulation. Social media in-match use limited to 120 images. An additional 40 images may be used in extra time. No use in betting publications, games or single club/league/player publications. / (Photo by JAN KRUGER/POOL/AFP via Getty Images)
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Chelsea's English head coach Frank Lampard reacts to their defeat on the pitch after the English Premier League football match between Chelsea and Manchester City at Stamford Bridge in London on January 3, 2021. - Manchester City won the game 3-1. (Photo by Andy Rain / POOL / AFP) / RESTRICTED TO EDITORIAL USE. No use with unauthorized audio, video, data, fixture lists, club/league logos or 'live' services. Online in-match use limited to 120 images. An additional 40 images may be used in extra time. No video emulation. Social media in-match use limited to 120 images. An additional 40 images may be used in extra time. No use in betting publications, games or single club/league/player publications. / (Photo by ANDY RAIN/POOL/AFP via Getty Images)
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MANCHESTER, ENGLAND - JULY 04: Marcus Rashford of Manchester United scores his team's second goal from the penalty spot during the Premier League match between Manchester United and AFC Bournemouth  at Old Trafford on July 04, 2020 in Manchester, England. Football Stadiums around Europe remain empty due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in all fixtures being played behind closed doors. (Photo by Dave Thompson/Pool via Getty Images)
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MANCHESTER, ENGLAND - JULY 04: Marcus Rashford of Manchester United scores his team's second goal from the penalty spot during the Premier League match between Manchester United and AFC Bournemouth at Old Trafford on July 04, 2020 in Manchester, England. Football Stadiums around Europe remain empty due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in all fixtures being played behind closed doors. (Photo by Dave Thompson/Pool via Getty Images)
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CARSON, CA - FEBRUARY 07: Megan Rapinoe #15 of the United States takes a corner kick during the 2020 CONCACAF Women's Olympic Qualifying against Mexico at Dignity Health Sports Park on February 7, 2020 in Carson, California. the United States defeated Mexico, 4-0, and qualified for the 2020 Summer Olympics in Japan. (Photo by Kevork Djansezian/Getty Images)
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MILAN, ITALY - JANUARY 09: Zlatan Ibrahimovic of A.C. Milan passes the ball during the Serie A match between AC Milan and Torino FC at Stadio Giuseppe Meazza on January 09, 2021 in Milan, Italy. Sporting stadiums around Italy remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by Marco Luzzani/Getty Images)
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Paolo ROSSI. Italy, born 23rd September 1956. In 1982 the World Cup was hosted by Spain. The final was played on 11th July in the Estadio Santiago Bernabeu, Madrid. Attendance: 90,000. Result Italy 3 -- 1 West Germany. Rossi scores Italy's first goal in the 57th minute. Photographed on his vineyard in Tuscany, 31/08/09.




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Paolo ROSSI. Italy, born 23rd September 1956. In 1982 the World Cup was hosted by Spain. The final was played on 11th July in the Estadio Santiago Bernabeu, Madrid. Attendance: 90,000. Result Italy 3 -- 1 West Germany. Rossi scores Italy's first goal in the 57th minute. Photographed on his vineyard in Tuscany, 31/08/09. EXCLUSIVE TEXT ACCOMPANIES / AVAILABLE FOR THIS PORTRAIT. © Michael Donald / eyevine Contact eyevine for more information about using this image: T: +44 (0) 20 8709 8709 E: info@eyevine.com http:///www.eyevine.com
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Romanian referee Ovidiu Hategan (in yellow) talks to Istanbul Basaksehir's staff members during the UEFA Champions League group H football match between Paris Saint-Germain (PSG) and Istanbul Basaksehir FK at the Parc des Princes stadium in Paris, on December 8, 2020. - Paris Saint-Germain's decisive Champions League game with Istanbul Basaksehir was suspended today in the first half as the players walked off amid allegations of racism by one of the match officials.
The row erupted after Basaksehir assistant coach Pierre Webo, the former Cameroon international, was shown a red card during a fierce row on the touchline with staff from the Turkish club appearing to accuse the Romanian fourth official of using a racist term. (Photo by FRANCK FIFE / AFP) (Photo by FRANCK FIFE/AFP via Getty Images)
PHOTO: FRANCK FIFE/AFP/AFP via Getty Images
Romanian referee Ovidiu Hategan (in yellow) talks to Istanbul Basaksehir's staff members during the UEFA Champions League group H football match between Paris Saint-Germain (PSG) and Istanbul Basaksehir FK at the Parc des Princes stadium in Paris, on December 8, 2020. - Paris Saint-Germain's decisive Champions League game with Istanbul Basaksehir was suspended today in the first half as the players walked off amid allegations of racism by one of the match officials. The row erupted after Basaksehir assistant coach Pierre Webo, the former Cameroon international, was shown a red card during a fierce row on the touchline with staff from the Turkish club appearing to accuse the Romanian fourth official of using a racist term. (Photo by FRANCK FIFE / AFP) (Photo by FRANCK FIFE/AFP via Getty Images)
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(CNN) —  

Investigators from European football’s governing body will meet Thursday to decide whether Manchester City will be banned from competing in the lucrative Champions League, according to a member of the investigatory chamber.

The New York Times reported Monday that the newly crowned English Premier League champion could be banned from Europe’s most prestigious club tournament over allegations of unfair financial practices.

Petros Mavroidis, a member of UEFA’s Club Financial Control Body Investigatory Chamber, told CNN Sport he was surprised by the information contained in the report because no final decision had been taken.

The New York Times had reported that investigators would recommend a season-long ban.

CNN contacted another member of the CFCB who declined to comment.

City will have the opportunity to appeal any potential punishment to the Court of Arbitration for Sport (CAS) in Switzerland.

UEFA told CNN that they “do not comment on ongoing investigations regarding financial fair play matters.”

Manchester city owner Sheikh Mansour bin Zayed Al Nahyan looks on during his club's match against Liverpool in 2010.
PHOTO: ANDREW YATES/AFP/AFP/Getty Images
Manchester city owner Sheikh Mansour bin Zayed Al Nahyan looks on during his club's match against Liverpool in 2010.

Manchester City strenuously denies any financial wrongdoing and has welcomed the UEFA investigation, which is handled by the Club Financial Control Body Investigatory Chamber.

“Manchester City FC is fully cooperating in good faith with the CFCB IC’s ongoing investigation. In doing so the club is reliant on both the CFCB IC’s independence and commitment to due process,” the club statement read.

“The New York Times report citing people familiar with the case is therefore extremely concerning. The implications are that either Manchester City’s good faith in the CFCB IC is misplaced or the CFCB IC process is being misrepresented by individuals intent on damaging the Club’s reputation and its commercial interests. Or both.”

City has always maintained that accusations of “financial irregularities are entirely false.”

UEFA has been investigating the club for possible breaches of its Financial Fair Play (FFP) regulations since leaked files were reported by Der Spiegel.

FFP rules are supposed to stop clubs from getting into unmanageable debt or allowing wealthy benefactors to give top teams an unfair advantage.

Der Spiegel cited club documents gathered by the independent Football Leaks investigative project, which the German publication says show the club inflated sponsor fees when the club spent more than expected.

These types of sponsorship deals allowed the club to circumvent UEFA’s financial rules designed to create a more level playing field, according to Der Spiegel.

CNN has not seen the documents referred to in reports from Der Siegel, which was first to report the accusations of financial improprieties.

Manchester City retained the English Premier League on Sunday.
PHOTO: GLYN KIRK/AFP/AFP/Getty Images
Manchester City retained the English Premier League on Sunday.

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The Emirati royal Sheikh Mansour bin Zayed al Nahyan’s investment company Abu Dhabi United Group owns Manchester City.

Etihad Airways, the flag carrier of the Emirates, is the club’s shirt sponsor and has naming rights for its stadium.

But Der Spiegel, citing club documents, alleged the airline financed only part of the sponsorship deal, with ADUG coming up with the rest.

The club also allegedly concealed a player investment fund, which would allow the club to hold equity in promising players – so-called “third-party ownership (TPO) – by using a company in the Cayman Islands, the newspaper reported.

This is a practice banned by UEFA and the Premier League.

In a club statement in March, City said it saw the UEFA inquiry as “an opportunity to bring to an end the speculation resulting from the illegal hacking and out of context publication of City emails. The accusation of financial irregularities are entirely false.”

“The club’s published accounts are full and complete and a matter of legal and regulatory record.”

Manchester City is yet to win the Champions League.
PHOTO: LINDSEY PARNABY/AFP/AFP/Getty Images
Manchester City is yet to win the Champions League.

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The Champions League, Europe’s flagship competition, is hugely prestigious – and lucrative. Lifting the trophy – something that has eluded City thus far – is estimated to earn the winning club over $90 million.

City won a consecutive English Premier League title on Sunday, beating Liverpool to the top spot by just one point. It is now looking to complete a domestic treble at the FA Cup final against Watford on Saturday.

However, Pep Guardiola’s side could only reach the quarterfinal stage of the Champions League this year before being knocked out by Tottenham Hotspur.

The top four teams from the EPL qualify for the following season’s Champions League; a competition City have been in every year since the 2010/11 season.

Recurring allegations

City was punished in 2014 for FFP violations. At the time the club said it would accept punishments including a fine of €60 million ($67 million), a restriction on transfer spending and a reduction in the club’s squad size for the European Champions League.

City leaped to prominence on the back of massive investments, signing top players and announcing lucrative sponsorship deals with companies closely linked to its owner, Abu Dhabi royal Sheikh Mansour Bin Zayed Al Nahyan, who owns the Abu Dhabi United Group.

In 2015, China Media Group acquired a 13% stake in City Football Group, the parent company of the Manchester team, for $400 million.