Manchester City face a new probe from UEFA after Frank Lampard's on-off move to New York City FC.
The Mail on Sunday says City were fined £16million by Europe's governing body last year for breaking Financial Fair Play regulations, had their transfer spending and wage bill limited and had to reduce their Champions League squad.
Since then, they have announced they are on course to meet UEFA's new rules, having halved losses to £23m, £16m of which would be discounted as part of the UEFA fine.
However, UEFA is examining whether the creation of a set of subsidiary companies by City's 'parent' company, City Football Group (CFG), allowed them to under-report losses for 2013-14.