The independent commission's guilty verdict on 114 of the alleged 115 charges against Manchester City has placed the club's commercial relationships under immediate scrutiny.

The findings centred on a scheme through which 'sham' sponsorship contracts were arranged with a number of City's commercial partners during the affected period, with those partners required to pay only a fraction of the headline fees while the remainder was funded by Abu Dhabi United Group Investment & Development Ltd - the company that owns the club.

The commission determined that the cumulative effect of these arrangements artificially inflated City's revenues and reduced their recorded costs by more than £900 million, allowing the club to appear to comply with financial rules they would otherwise have breached by a significant margin.

Manchester City have denied all wrongdoing and pledged to contest the verdict through every available legal avenue, with CEO Ferran Soriano telling staff directly that the entire case rests on what he described as a "single false accusation" that has been categorically disproven by bank statements, money transfers and witness evidence.

Former manager Pep Guardiola broke his silence on the verdict via social media, pledging his support for the club, its ownership and current manager Enzo Maresca.

Guardiola wrote: "I want every single Manchester City fan across the world to know I am here; more than ever. I am, always have been, always will, be behind my club, my owner, my chairman Khaldoon Al Mubarak, Ferran, the players, staff, Enzo and you, our unique supporters. Let me be clear: we will get through this together. I love you all."

UK Prime Minister Andy Burnham, formerly Mayor of Greater Manchester, said he "would be really concerned to lose" City's owners, pointing to their role as "such a huge partner in the building of modern Manchester" and crediting them with substantial investment in the Etihad Stadium campus and the city more broadly.

Puma, Manchester City's kit manufacturer and one of the club's highest-profile commercial partners, told Sky News they are "aware of recent developments" but declined to comment on the future of their partnership with the club, citing "ongoing proceedings."

Automotive partner BYD and Joie - the official family partner and stadium naming partner for Manchester City Women - also declined to comment on the verdict.

A wide range of further sponsors, including CP Company, Durex, Sure, EA Sports, Britvic, SilentNight, Majestic Wine, OKX, Gaucho and Champneys, were yet to respond to Sky News at the time of writing.

However, Etihad Airways, City's principal shirt sponsor, categorically rejected any suggestion of involvement in improper commercial arrangements, and criticised the Premier League's handling of the case directly.

"At no time did the Premier League reach out to or engage with Etihad in the process associated with the commission's opinion," the airline said, adding that "the lack of clarity and transparency, together with the selective disclosure of information, has created damaging implications."

Etihad Airways confirmed it would seek legal counsel on the options available to protect its interests, while also reaffirming its commitment to the partnership: "Our commitment to Manchester City, its supporters and our shared partnership remains strong."

No Manchester City sponsor has publicly moved to terminate their arrangement with the club since the verdict, and the muted or absent responses from the majority of the partner portfolio reflect the uncertainty around what sanctions, if any, will ultimately materialise.

Manchester City's appeal of the commission's finding - expected to challenge the opinion as unsafe on grounds of law, principle and fact - means the legal process has a considerable distance still to run before the picture becomes clearer for commercial partners weighing their position.

The sanctions hearing before the independent commission is the next formal stage in the legal process, with Maresca's side returning to Premier League action against Liverpool at Anfield next weekend.

City's commercial relationships will remain under scrutiny throughout the appeals process, which sources have indicated may not reach a final resolution until 2028 or 2029.