City won eight trophies in the period covered by the case, including three Premier League titles, three EFL Cups, one Community Shield and one FA Cup.

The charges cover the managerial tenures of Roberto Mancini and Manuel Pellegrini, and the first two years under Pep Guardiola, who left the club at the end of last season after 10 years in charge.

David Bernstein, who was Manchester City chairman from 1998-2003, told Times Radio he felt “absolutely awful” on hearing the news of City being found guilty – but admitted any punishment would have to be “more drastic” than a fine.

“To see all this tarnished in this way is very sad,” he said.

“I feel particularly bad for the wonderful supporters of the club who’ve stayed with the club through thick and thin.

“This whole process has taken too long already. So the appeal process now has to be done quickly because you’ve got the club playing with this cloud over its head and it’s just not viable.

“The appeal process cannot go on for year after year, I think that would be a disaster, not just for this particular case but for English football generally. The timing is crucial.”

He continued: “I can’t give a view on the punishment. If they are found, after the appeal, guilty of 115 charges, my beloved club is going to face a very severe penalty.

“All I would say is that money is not sufficient, it would have to be something, unfortunately, more drastic than that.”

Meanwhile, singer-songwriter Noel Gallagher says he is “shocked” at the news and it is “quite sad” for players and fans.

“A little surprised when I heard it on the radio. Surprised because the club have assured us all along that they vehemently denied any of these charges,” the Oasis star and City fan said on the Let Me Talk podcast.

“So it was a bit of a shock to find out that we’ve been found guilty. But really overall just quite sad really. Sad for the fans and for the players.”