The Premier League has charged Manchester City with more than 100 breaches of its financial rules following a four-year investigation.
It has referred the club to an independent commission over alleged rule breaches between 2009 and 2018.
It also accused City of not co-operating since the investigation started in December 2018.
City said they were “surprised” by the charges and are supported by a “body of irrefutable evidence”.
The commission can impose punishments ranging from a fine and points deduction to expulsion from the Premier League.
“Manchester City is surprised by the issuing of these alleged breaches of the Premier League Rules, particularly given the extensive engagement and vast amount of detailed materials that the EPL has been provided with,” the club said in a statement.
“The club 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 such we look forward to this matter being put to rest once and for all.”
Last season City won their sixth Premier League title since the 2008 takeover by the Abu Dhabi United Group.