Manchester City were found guilty of 115 breaches of the Premier League’s financial regulations earlier this month, sparking much conversation as the club seeks to appeal a decision that can send it out out the first division.
The independent commission found that between 2009/10 and 2017/18, City arranged "sham" contracts and artificially inflated the club's revenues by £830M.
City could be stripped of their titles, fined or kicked out of the football pyramid, depending on the punishment imposed on them in a process that may take years.
Speaking to the Daily Telegraph, Carragher weighed in on the drama as he pleaded with the City owners to sell the club as soon as possible.
“Manchester City are the end of their Abu Dhabi era. The club can only heal and recover from the shame of their guilt once the custodians recognise they have failed in their duty and sell up.
“There is no way to sugar-coat this. The scale of the institutional cheating and lack of co-operation in the investigation means the position of all City executives involved is untenable.
“Fighting on will only prolong the agony of supporters who wrong believe their pleas of innocence.”
He continued: “The Premier League’s owners’ and directors’ test makes clear the repercussions for breaking the fundamental rules that all member clubs, including City, established and signed up to.
“Anyone who falls short must be disqualified from being Premier League directors and owners; otherwise, the regulations are not fit for purpose.”
City can appeal the commission's findings by October 2nd and the appeal process could take years according to reports, a process that could happen whilst the side remain top of the Premier League table.