The CFCB investigation into City's finances was launched in March following a series of 'leaks' from German publication Der Spiegel that came out last year.
UEFA Financial Control Body chief investigator refers Man City to adjudicatory chamber after investigation into poss breaches of FFP rules. Does not say if he recommends the Champions League ban his team wants. Any punishment lies with this panel inc’ing British QC Charles Flint pic.twitter.com/ZYsmbMxhWM— Dan Roan (@danroan) May 16, 2019
A New York Times article this week claimed that the investigation is recommending City be banned from the Champions League for at least one season as punishment.
The separate CFCB adjudicatory chamber will now review the case, but City have already expressed confidence of a 'positive outcome' after accusing the referral of ignoring a 'comprehensive body of irrefutable evidence' supplied by the club to the investigation.
The Premier League champions claim the decision to refer contains 'mistakes, misinterpretations and confusions' and have also branded the process 'wholly unsatisfactory, curtailed, and hostile'.
The full statement from City released on Thursday morning reads:
"Manchester City Football Club is disappointed, but regrettably not surprised, by the sudden announcement of the referral to be made by the CFCB IC Chief Investigator Yves Leterme.
"The leaks to media over the last week are indicative of the process that has been overseen by Mr. Leterme.
"Manchester City is entirely confident of a positive outcome when the matter is considered by an independent judicial body.
"The accusation of financial irregularities remains entirely false and the CFCB IC referral ignores a comprehensive body of irrefutable evidence provided by Manchester City FC to the Chamber.
"The decision contains mistakes, misinterpretations and confusions fundamentally borne out of a basic lack of due process and there remain significant unresolved matters raised by Manchester City FC as part of what the Club has found to be a wholly unsatisfactory, curtailed, and hostile process."