City have revealed plans to appeal the decision, with the case being taken to the Court of Arbitration for Sport.
Even if the club were to be barred from the Champions League for the next two seasons, it's unlikely that there would be a mass exodus from the Etihad Stadium, said Wright-Phillips.
“At the end of the day, I would've signed to a club," he told Sky Sports.
“If that happened, then obviously it would've been bad news.
“But, I would've signed to the club, so I would still give 110 per cent and see what happens."
When asked if he thinks the current players will be thinking about their futures at the club, he added: “Not for me."