Manchester City have been found guilty of all 115 charges of serious breaches of Premier League regulations, the Premier League confirmed in a 1545-word statement on Tuesday.
Richard Masters, the Premier League CEO, said that the findings show that City "systematically broke Premier League rules for nearly a decade."
City face huge points deductions and fines with the Premier League holding the ability to issue an ultimate sanction of expulsion from the league.
City, who denied all charges, have until Friday Oct. 2 to exercise their right to an appeal.
In its verdict, the Independent Panel found that City arranged "sham" contracts with commercial partners to artificially inflate their commercial earnings, filed "mis-stated" accounts to conceal the true nature of its finances and "significantly" breached Premier League and UEFA spending limits.
In its statement, the Premier League said City used "disguised funding schemes" to deceive and mislead the league.
The statement said: "The purpose of these schemes was found to have been to artificially inflate the club's revenues, and reduce its costs, by more than ã900 million during the affected period, to appear to comply with financial rules.
"The consequence of this, as the Commission found, was that the club filed misstated accounts and concealed the true state of its finances from its auditors and football regulators. The Commission concluded that 'by its conduct the club clearly intended to circumvent the PL Rules.'"
CEO Masters, who has been criticised for the length of time taken to bring City to account, said the verdict was a "vindication" of the decision to take action against the club.
"The core decision establishes the facts of what happened at Manchester City during this period," Masters said. "It details how the club systematically broke Premier League Rules for nearly a decade.
"It also vindicates the Premier League's decision to pursue this case against Manchester City. While the process to date has been both long and difficult, the League has remained determined that the facts be established independently.
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"It is a key responsibility of the Premier League to ensure that the Rules, approved by the clubs themselves, are upheld to protect the integrity of the competition.
"It is paramount that the League remains competitive and fair for all clubs and for the fans. We take that role extremely seriously.
"This disciplinary case, and this decision, are the most significant in Premier League history. There are elements of the case that remain to be decided, including, importantly, what sanction must follow for these breaches.
"Now we have the Commission's decision, we are committed to moving swiftly through the remainder of the process, to provide certainty for the League, our clubs and fans."
In addition to Masters' statement, the Premier League said: "Now that the charges have been proved, the issue of sanction will be addressed separately in a further hearing with the independent Commission.
"In accordance with Premier League rules, that hearing will remain private and confidential until such a time as publication of the outcome is permitted.
"The club has the right to appeal the independent Commission's findings and has until Friday Oct. 2 to exercise that right.
"The Premier League Board's intention is that the full process (including any appeals and publication of relevant decisions) is concluded as soon as possible."
A City statement read: "Manchester City FC is both disappointed and surprised by the opinion of the Premier League Commission, that has been published today. The Club is innocent of the accusations made by the Premier League and a comprehensive body of irrefutable evidence exists in support of all of its positions, relating to this case. The Club will therefore be relentless, and where necessary proactive, in any and all appropriate regulatory and legal forums.
"The Premier League process remains ongoing, with significant elements uncompleted. Manchester City FC will now pursue the appeal avenues open to it, on the basis that the opinion contains clear material errors, of law, principle and fact, and is unsafe.
"The Club has diligently respected due process for eight years on the basis that the Premier League Board and Executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence.
"The Club is obviously restricted in what it can say further until all future proceedings are complete."