Manchester, Oct. 2 -- Manchester City have lodged a formal appeal against findings of an independent regulatory commision as they seek to overturn a verdict seeing them being found guilty of violating several Premier League financial rules, reported Goal.com.

An independent Commission has found Manchester City guilty of serious breaches of the Premier League's financial rules, including violations "related to financial reporting", according to the Premier League website.

The statement on the Premier League website said the independent Commission found that between the 2009/10 and 2017/18 seasons, Manchester City "arranged 'sham' contracts with several commercial partners, misrepresenting the true agreements between the parties, to artif...