According to CNBC, English soccer club Manchester City has been found guilty of breaking Premier League financial rules after an independent commission reviewed 115 charges and said the club arranged "sham" accounts with several commercial partners to hide an additional funding stream of around $1 billion. The report said sponsors were only required to pay part of the relevant sponsorship fees, with the remainder funded by Abu Dhabi United Group Investment & Development Ltd, and added that Manchester City intentionally concealed the true source of its finances. The commission said the club would have breached spending rules by a "very substantial amount" if the accounts had been recorded accurately. Manchester City said it was "disappointed and surprised" by the verdict, reiterated its innocence and said it would appeal by Friday. In a leaked video, CEO Ferran Soriano called the allegations a "conspiracy theory."