An independent commission found and confirmed on Tuesday evening that Manchester City had breached the majority of the Premier League's financial rules they were accused of breaking - a verdict that the Etihad Stadium giants are now expected to appeal.

Among the independent panel's findings were that Manchester City had arranged "sham contracts" with a number of commercial partners as part of a scheme to disguise funding of more than £830 million.

Then, on Wednesday, the Independent Football Regulator – set up by the British government in 2025 – said the case had raised "serious issues", and that it would be exploring options – including whether to strip the club's owners of their licence to own Manchester City – once a disciplinary process had been completed.

From the side of Manchester City and the statements issued by both the club and key figures such as CEO Ferran Soriano and Chairman Khaldoon Al Mubarak, they continue to deny any wrongdoing and have until 2 October to submit a formal appeal.

Now, speaking during a new interview with BBC News concerning the situation around Manchester City, British Prime Minister Andy Burnham has admitted he would be "really concerned" about losing the club's ownership as a result of the Premier League verdict.

"I would be really concerned to lose them," Burnham said.

"They've been such a huge partner in the building of modern Manchester and obviously the building of Manchester City into the global force that it is."

The former mayor of Greater Manchester went on to say, "I do actually thank the City Football Group and the wider ownership for the money that they didn't just put into the Etihad [Stadium] and the campus around it but also into the city."

Andy Burnham also insisted that he was "of course" confident that his own interactions with Manchester City's owners during his time as the mayor of Greater Manchester would stand up to any scrutiny.

The independent panel are due to hold a sanctions hearing – which could yet take months to come together – to decide on the punishment.

As for Manchester City in that scenario, the club can appeal both the guilty verdicts and the sanction itself, leaving both the Etihad Stadium club and the Premier League in an extended period of uncertainty.

As widely speculated, a punishment could range from a significant fine, the deduction of points, or expulsion from the Premier League, whilst others have suggested the possibility of being stripped of the eight major trophies won in the affected period.