Course, unlike the previous UEFA charges, Man City won't be able to run to the CAS to overturn anything that the Premier League hands down in this case. As a private UK corporation, the Premier League would have to agree to that sort of arbitration, and they're not obliged to do so.
Still hard to imagine the PL having the teeth to do anything significant to them.....unless Man City have pissed everyone off so much that they decide to stick the knife in.
As an aside, I see that Chelsea not only have by far the biggest transfer spend in 2022/23, they're also operating by far the biggest wage bill as well. And they're still 10 points out of the Champions League places, and three points behind Brentford, who spend more than an order of magnitude less than Chelsea do on their playing staff.
Maybe there is a club in the country doing worse than we are compared to their budget!