Manchester City have released their annual report, which contains an update regarding the 115 Premier League charges against them. The club faces accusations of allegedly violating financial regulations over a nine-year period from 2009 to 2018. An independent tribunal convened 12 months ago, yet the club, alongside the broader English football community, remains in limbo awaiting the outcome. No public ruling has been delivered by the panel to date.

Former financial consultant Stefan Borson suggested last month that a verdict was “imminent” and might emerge before Christmas. “I think Simon thinks it’s going to come out next year, I think it still could come out before Christmas,” he told talkSPORT.

“The decision has been imminent for quite some time, there’s not a lot that they can do. It doesn’t take that long.” 

But City’s annual report indicates the independent panel continues ‘reviewing the matter.’

The document stated: “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.”

Borson also expressed his view that neither the club nor the Premier League should shoulder the blame for the protracted nature of the case.

“Well, look, nobody knows because even the parties themselves expected to have been told by now,” he added.

“All the lawyers are surprised there is no decision at this stage, and that’s on both sides. I’ll tell you who’s holding it up – the panel making the decision. They hold the pen.

“They are the people who everybody waits for to deliver the decision. Well, nobody knows. We know the long list – you can cobble it together from all of the people on the judicial panel – but we don’t know who is on that list.

“We can make some guesses that it’s probably two lawyers and maybe one accountant. But we don’t know who is on the panel and what they were told to produce by when.

“We can now assume I think, given how long it has been and that everybody is so surprised that they don’t have a decision, that actually there’s very little guidance given to them and they weren’t effectively paid for their time from the moment the case ended.”