The alleged breaches relate to a nine-year period between 2009 and 2018, with some extending beyond for a failure to co-operate with investigations.
A decision on any potential punishment has not yet been made as eight-time Premier League champions City prepare an appeal against the verdict.
Sanctions that have been mooted range from a points deduction, fine, transfer ban or even expulsion from the division.
With that said, Flashscore has looked at the biggest points deductions handed out in English football history.
Leeds – 15 points (2007/08)
Leeds started the 2007/08 League One season with a 15-point deduction after failing to comply with the English Football League's (EFL) insolvency rules.
The Whites appealed the decision, but it came to no avail as the majority of clubs voted against reducing their penalty.
Leeds, though, stormed through the campaign and incredibly qualified for the play-offs with 27 wins.
They reached the final, but were beaten 1-0 by Doncaster at Wembley Stadium.
Bournemouth – 17 points (2008/09)
Bournemouth were slapped with a 17-point deficit to begin their 2008/09 League Two campaign after failing to properly meet the terms for exiting administration.
It came on the back of the Cherries receiving a 10-point deduction in the previous season, which saw them relegated from League One.
To even stay in the EFL, Bournemouth were not allowed to appeal the punishment and had to accept the deduction.
Bournemouth did enough to survive as they finished the season in 21st and nine points clear of the drop zone.
Rotherham – 17 points (2008/09)
Like Bournemouth, Rotherham were hit with a 17-point penalty for failing to adhere to the EFL's rules for exiting administration.
The Millers also had to deal with the danger of dropping down to non-league, but they put up a respectable tally in League Two.
They tallied 58 points, which was good enough for a 14th-place finish.
Derby – 21 points (2021/22)
Derby were deducted 12 points for entering administration at the start of 2021/22 and another nine were docked in November for breaching the EFL's accounting rules.
The verdict rooted the Rams straight down to the bottom of the Championship table and gave then-manager Wayne Rooney a near-impossible fight.
Fight is what Derby did as they recorded 14 wins, but it wasn't enough as they finished 23rd and seven points from safety.
Luton – 30 points (2008/09)
Luton's 30-point deduction in 2008/09 is the biggest in English football history and by a considerable margin too.
The Hatters were relegated from League One the previous season and joined Bournemouth, Rotherham and Darlington (-10) as punished parties.
First, a 10-point sanction was imposed by the Football Association (FA) for illegal payments to agents and a further 20 for an improper exit from administration.
Unsurprisingly, Luton finished bottom of League Two and it saw them drop out of the EFL for the first time in their history.
