City have reportedly been found guilty of 114 of the 115 alleged Premier League financial breaches as the side plan to appeal against the allegations.
Not only could the club be fine, they could have their titles stripped and reports state the side may even be kicked from the first division in a move that could implode the club.
Man City's punishment cannot be small
Ilicali has become the first Premier League chief to comment since the news broke and the Tigers owner suggests that if a punishment is made, it must be one that wards off other sides from committing similar acts.
“I don’t say they are guilty or not because they are saying they are innocent… and I think the Premier League says they are not innocent. If they are not innocent and they did something… I think (it is) not different than having doping and (winning) the Olympic medal.
"This is financial doping at the end of the day. Bringing top four or five players with huge money, breaking the rules. From that side, it doesn’t look very positive.”
"As an owner, I shouldn’t speak too much about it, I think, because I’m not inside it to know everything about it in detail. From my side, I will make a general speech, which is if something involved in football is unfair… it should be punished.
"If you give a small punishment, then everybody will do it. For the future of football, and a clean future, this kind of thing, if it happens, should be punished and not let people do something like that.
"I like natural money in football. For us, we will not have the budget of the top six or maybe top 10 teams in England, but we respect that.
"We have enough distance because of this income they have naturally. Please don’t add more distance. If there is a mistake like this, these kind of mistakes give crazy advantages to some teams and this is not fair."
Hull were punished in 2025 by the EFL for making late payments to other clubs and had transfer fee restrictions placed on them in three windows, one of those later suspended.
Despite such punishments, the East Yorkshire side have pushed up to the Premier League and will hope that City are handed a just punishment as they seek to avoid dropping to the Championship.