City were charged by the Premier League back in February 2023, as allegations were made surrounding the club breaching financial rules in nine years from 2009 until 2018.
The Premier League side have always firmly denied the charges and remain "totally confident" of being cleared. Now, in their latest financial report, City have responded to the 115 charges which they say are still under review.
"In response to the charges, the Club issued a public statement that it welcomes the review of this matter by an independent Commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position.
"As at the date of publishing these financial statements, the independent Commission is still in the process of reviewing the matter.
“Based on their evaluation of the Group's prospects and viability, the Directors confirm that they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due within the 12 months following the approval of these financial statements.
"Consequently, the financial statements have been prepared on a going concern basis."
English football is still awaiting a verdict, as no public decision has yet been issued by the commission. Reports state that a statement will be made imminently however, as fans wait to see if the club will be punished or not.
Punishment could range from anything from a fine, to a points deduction, or even immediate relegation.