The Chair of the Independent Football Regulator (IFR), David Kogan, has issued a stark warning that the watchdog stands ready to examine the suitability of Manchester City's owners and directors following the club's historic guilty verdict.

An independent commission found Manchester City guilty of 114 charges of breaching Premier League financial regulations across a nine-year period from 2009 to 2018. The charges included disguised owner funding, inaccurate financial reporting, and off-the-books managerial payments.

Kogan's warning to City's decision-makers

In a formal statement released in the wake of the ruling, Kogan made the IFR's position unambiguous. "The independent commission's decision raises serious issues," he said. "The IFR has powers to assess the suitability of owners, directors and executives and we will use these powers where appropriate, in the interests of protecting the sustainability, honesty and integrity of English football where there is clear evidence of wrongdoing by individuals."

Kogan confirmed, however, that the regulator will hold off on any formal action until all legal processes — including the anticipated appeals from Manchester City — have run their course. "As the proceedings remain ongoing between Manchester City and the Premier League we will await further developments. We hope it can be resolved quickly for the sake of fans," he added.

What the IFR can actually do

Established under the Football Governance Act, the IFR is a statutory body with oversight of the top five divisions of English men's professional football. It operates independently of both the Premier League and the Football Association.

Its powers are considerable. The regulator can assess the fitness of owners and directors, disqualify individuals from running clubs, impose financial penalties, and compel changes in ownership — tools that extend well beyond the sporting sanctions the Premier League itself might hand down.

Manchester City maintain their innocence and are widely expected to appeal the verdict. Nevertheless, Kogan's statement signals that the legal process concluding will not be the end of the matter — City's key executives could yet face individual regulatory consequences once all proceedings are finalised.