Manchester City could have their Champions League monies seized by UEFA if they are found guilty of breaking the Financial Fair Play rules.
Jean-Luc Dehaene, who chairs UEFA's financial fair play panel, has promised to look into Manchester City's reported £400m shirt and stadium naming rights deal. The current financial fair play rules stipulate that any club's commercial and sponsorship deals must be struck at market rates - many within the game suggest that Manchester City's huge deal with Etihad has been made to circumvent these rules, hence Deheane's proposed investigation.
Whilst a regulatory framework has been agreed between the member clubs there has been no policy for the sanctions placed on clubs who violate these rules.
The European Club Association met on Tuesday and discussed potential penalties with an agreement that cash penalties and transfer bans could be imposed on clubs who exceed the permissable losses.
These proposed punishments have yet to be agreed by UEFA, who have the final say on all financial fair play issues, the European football body is set to meet over the next fortnight to ratify the sanctions. Some have argued, however, that a financial punishment will only add to the reduction in funds and could contribute to a spiral of repetitive default.