Ex-Man City financial advisor reacts to “inexplicable” update in 115 FFP charges case

Ex-Man City financial advisor questions silence as 115 FFP charges case drags on with no verdict in sight

For more than two years now, Manchester City’s Financial Fair Play saga has loomed over English football like a heavy cloud that refuses to move on. Despite repeated assurances that the process is moving forward, the reality remains unchanged: there are still 115 FFP charges hanging over the Etihad Stadium, and nobody – not even City themselves – appears to know when a final ruling will arrive.

The latest update, or lack of one, has prompted fresh reaction from Stefan Borson, a former financial advisor at Manchester City, who has described the ongoing delay as “largely inexplicable”. His comments have reignited debate around transparency, timing, and the sheer scale of a case that has come to define the modern Premier League’s relationship with regulation and power.

In the dark: Man City still waiting on a verdict in the 115 FFP charges case

Etihad Stadium

Manchester City were formally informed of the allegations against them in February 2023, following a two-year investigation by the Premier League. The charges, which relate to alleged breaches of financial regulations over a prolonged period, immediately sent shockwaves through the football world.

An independent commission was appointed to hear the case, with proceedings beginning in September 2024. By the end of that calendar year, the hearings themselves had been completed. Since then, however, there has been silence. No leaks. No hints. No timeline. Just an ongoing wait.

Even City, the central party in the case, have admitted they remain in the dark. In their recently published 2024–25 financial accounts, which revealed record-breaking revenue of £694.1 million, the club acknowledged that no decision has yet been communicated to them.

In an official statement included in those accounts, City said:
“As at the date of publishing these statements, the independent commission is still in the process of reviewing the matter.”

That single line was enough to spark renewed discussion across media, supporter groups and rival clubs alike. For a case of such magnitude, the lack of clarity continues to frustrate almost everyone involved.

“Inexplicable” delays: ex-Man City financial advisor reacts

Stefan Borson, who previously worked as a financial advisor at Manchester City, has been following developments closely. Speaking to Football Insider, he admitted that while the delay does not shock him entirely, the length of time involved is increasingly difficult to justify.

“There’s a couple of messages that just say that as of the date of publishing those accounts, that the decision hasn’t been received,” Borson explained.

He went on to point out a potential technical detail that adds further confusion. The accounts were signed off on October 8, but only published publicly last week. Depending on which date City are referencing, the statement could technically be outdated almost as soon as it was released.

“But the more natural reading,” Borson argued, “would be that it’s the date that they were published last week. Therefore, it confirms that no decision has been received by the club.”

For him, that confirmation is significant. It suggests that the independent commission has still not delivered its findings, despite having had more than a year to deliberate since hearings concluded.

A case that refuses to move quickly

The 115 FFP charges case has already become one of the most complex and costly legal battles in football history. City maintain their innocence and have consistently stated that they expect to be fully vindicated. From their perspective, it has been business as usual at the Etihad.

On the pitch, the team continues to compete at the highest level, currently sitting second in the Premier League table as they chase yet another title under Pep Guardiola. Off the pitch, however, uncertainty lingers.

Borson believes that any hope of a decision arriving before the end of 2025 is now unrealistic.

“As we sit here today, I think it’s now done for 2025,” he said. “I don’t see that there’s any real possibility that the decision can be dropped before the year-end now.”

The timing, he argues, would make little sense from a communications or public relations standpoint. Releasing a ruling during the Christmas period would risk chaos, speculation and confusion.

“I think we are now in the 2026 territory, which is obviously amazing,” Borson added. “I think it’s largely inexplicable that it could take over a year to produce a private arbitration decision of this type, but that’s where we are.”

Why the 115 FFP charges matter beyond Man City

Pep Guardiola Manchester City 2025

While City are at the centre of the case, the outcome will have far-reaching consequences for the Premier League as a whole. Rival clubs, both domestically and across Europe, are watching closely. The credibility of financial regulation itself is on the line.

Premier League chief executive Richard Masters has been asked repeatedly about the case, but has remained cautious. Speaking to BBC Sport back in August, he stressed the importance of enforcing the rules properly, even when the process is difficult and expensive.

“There is no happy alternative to enforcing the rules,” Masters said. “It goes to the integrity of the competition – it goes ultimately to value.”

That statement underlines why the league is willing to see the process through, regardless of how long it takes. A rushed decision, particularly in a case involving 115 charges, would risk legal challenges and further delays.

The financial cost of the FFP saga

The legal battle has not come cheap. It is widely reported that Manchester City have already spent around £25 million on legal fees relating to the case. The Premier League’s own legal costs are believed to be in a similar range.

For City, those costs are manageable, especially given their record revenues and strong commercial position. For the league, however, the expense reinforces just how high the stakes are.

Borson and others have questioned whether the structure of the process itself contributes to these delays. Private arbitration, by its nature, lacks the transparency of a public court case. While that can protect confidentiality, it also leaves fans and clubs guessing.

City’s confidence and the fear of severe punishment

Despite the uncertainty, there remains a sense in Manchester that the most extreme sanctions are unlikely. Punishments such as expulsion from the Premier League or massive points deductions are widely viewed as improbable.

City’s confidence is reflected in their continued long-term planning, from squad investment to infrastructure projects. The club insists it has complied with regulations and will defend its position robustly if necessary.

Still, until the independent commission delivers its verdict, nothing can be ruled out entirely. That lingering doubt is precisely what makes the delay so frustrating for all involved.

A saga that defines modern football

The 115 FFP charges case has become more than just a legal dispute involving Manchester City. It is a symbol of modern football’s struggle to balance growth, investment and regulation. It highlights the tension between elite clubs with vast resources and governing bodies attempting to enforce competitive balance.

For supporters, the wait feels endless. For clubs chasing City on the pitch, it feels unresolved. And for figures like Stefan Borson, who understand the financial machinery behind elite football, it feels increasingly hard to explain.

An “inexplicable” delay may not change the eventual outcome, but it does shape perceptions. Every month without clarity fuels speculation and debate, keeping the story alive long after the hearings themselves have ended.

Looking ahead to 2026 and beyond

If Borson’s assessment proves correct, football fans may need to wait well into 2026 for a definitive answer. By then, the Premier League landscape could look very different on the pitch, even if the questions off it remain the same.

What is certain is that when the verdict finally arrives, it will send shockwaves through English football. Until then, Manchester City, the Premier League, and the wider game remain stuck in limbo, waiting for the conclusion of a case that refuses to reach the final whistle.