Image source, Getty Images

Former Liverpool managing director Christian Purslow, speaking to BBC Radio 5 Live, on when he believes the appeal will take place: "The issues that I think is going to cause most unrest amongst football fans is that it's always been true, we've been waiting a long time for a decision, and in the case of a guilty verdict, what then follows is an entirely separate sanction hearing to determine the punishment.

"It will be the same judges and either party will make their representations. Given Manchester City have 14 days from the verdict to decide whether to appeal and they've made it crystal clear they intend to take it to appeal, then it is most likely a sanction hearing will have to be on hold because you can't give money and points back, so that's the practical reason why I am afraid the normal course of business here is for sanctions to follow an appeal.

"And the appeal is meant to last four months, never has this rulebook contemplated something like this. So I think the hanging question is could there be a common sense moment where the judges say we want to run the sanction hearing alongside the appeal here.

"The Premier League said they want to move swiftly, that's because we're now in an uncertain time which is really damaging for our game."

Former Liverpool managing director Christian Purslow, speaking to BBC Radio 5 Live, on why Manchester City's case is different to Everton and Nottingham Forest's point deductions: "In one season, those two clubs basically spent more than you are allowed to, they've sent accounts in confirming that's the case and have argued whether it did or didn't meet the rule book.

"And when it didn't, they've been prosecuted and taken their medicine. The word 'serious' being used is an important point here, for some time now I don't think it's been as clear as it should have been, that these 115 charges break down into a number of different categories.

"The most serious is this notion of falsifying records and accounts to cover the track of these so called 'sham contracts.' That is at the heart of the Premier League rule book and has been since it's formation. Clubs every year have to file accounts that are true and represent an accurate position, and if not the Premier League can't do its job.

"The charge here is that for over nine years, the accounts filed were not an accurate or true record and that's really serious."

Image source, Getty Images

Former Liverpool managing director Christian Purslow, speaking to BBC Radio 5 Live this morning, on what he thought of the statement from the Premier League: "I was really shocked by the language actually, I've been struck for a very long time by the wishy-washy terms of which Manchester City's offences have been described.

"There was no wishy-washy language in the statement from the Premier League. The decision from the judges, who issued their guilty verdicts, and from the Premier League itself, who wrote a long hard hitting statement left nobody in any doubt that these are extremely serious offences.

"I also think they've made it clear for the first time that they have nothing to do with some of the previous FFP cases, like Everton and Forest."

What now for Manchester City? Football finance expert Kieran Maguire breaks down the range of sanctions City could face after being found guilty of breaking Premier League's financial rules.

Kieran Maguire
Football finance expert

Rehan: If Manchester City get a huge fine, what would the FA do with that money? Where would it go?

It would be shared by the Premier League clubs, including Manchester City. And it will be offset against the league's legal bill. Discussions with lawyers suggest they think City could be liable for about two-thirds to three-quarters of Premier League's legal costs, which is estimated to be in the region of £50-60m.

Kieran Maguire
Football finance expert

Dan: How many clubs do you think will seek compensation? Not just the teams that have lost out on titles but also teams who lost twice to Manchester City and got relegated?

Some clubs will seek a private settlement - a negotiated settlement. I don't think it will be a class action or a collective move. Some clubs have got more of an emotional relation in this than others. Others are purely financial.

Then there is a further issue. How about the players of those clubs who were denied the opportunity to win titles and play in the Champions League in particular?

If you talk to players, often those with the big six clubs, they would say they are on 20-25% bonus on income if they play in the Champions League.

Average annual earnings of a player in the big six was around £8m last year. 25% of that is £2m and if you multiply that by a 25-man squad, you've got £50m. It could be something that could go into the equation.

Kieran Maguire
Football finance expert

Dappy: Based on everything you read, what is the most likely punishment going to be for Manchester City?

I agree that it could be a very hefty points deduction and a transfer embargo at the very least. On top of that, I believe there will be a very significant financial penalty added into the equation. The logic behind having a transfer embargo is that it then becomes a multi-season issue.

If we go back to 2013 when City were in breach of Uefa rules, they had a transfer ban, wage and squad caps, it did impact the club in the subsequent season.

Kieran Maguire
Football finance expert

Gary, Hebden Bridge: Is there any chance this could be resolved by the end of the season?

There is a very high chance it will be resolved by the end of the season. Because if it is not, we could end up in another situation very similar to that of Burnley and Everton where a club could be relegated and Manchester City are not given a deduction. And next season, a club that finished in 18th could say had that deduction been applied earlier, we wouldn't have been relegated. So that would add to the complications.

Certainly looking at the Premier League's press release itself, it does seem that it is very keen to resolve it as quickly as possible. If you take a look at the length of time that it took the commissions in respect to Nottingham Forest and Everton, once they have heard the evidence, applying the sanctions is the quickest part. It's listening to evidence in the torturous process.

Kieran Maguire
Football finance expert

Andrew, Manchester: Is there any chance that HMRC will investigate fraud or illegality from Manchester City?

I think it's unlikely because in theory, there could have been an underpayment of PAYE or National Insurance as far as some of the parallel contracts are concerned. But at the same time, had City not been cheating the system, they wouldn't be in a place to pay the actual high wages which they were able to pay which were on the basis of the sponsorship money coming from the owner and not from the sponsors themselves.

HMRC might consider it but there is not a lot for them to go on. There is certainly no corporation tax to recover football clubs lose money and City would have lost more money had it not been for the activities it undertook.

Staying with the back pages, over at the Mirror, they have been even more direct, splashing a headline that reads "Shameless".

Writing for the Mail, Oliver Holt, meanwhile, has called for any punishment for Manchester City to fit the scale of the 'crime'.

Image source, Mirror

Image source, Mail

The Telegraph says Manchester City could be thrown out of the Premier League for the "cheating scandal".

The Times also note that City's Premier League rivals, who were left "stunned and shocked", are already discussing whether the Abu Dhabi-backed club should be removed from the top flight.

Image source, Express

Image source, Telegraph

Image source, Times