The first element of the investigation focuses on whether City breached the Premier League's Short Term Cost Control measures between 2013 and 2016, a regulation that has since been abolished.
The Premier League are also responsible for operating UEFA's licencing process, and if City are found to have submitted false information in their accounts that could constitute a breach of their licence.
The final element concerns City's agreement with FC Nordsjaelland between 2016 and 2020 - enabling them to sign players from the Right to Dream Academy in Ghana for free, which could constitute a breach of third-party ownership rules. [
@MailSport]
If the Premier League's investigators conclude that Manchester City have a case to answer they will either seek to come to a financial settlement with the club or set up an independent disciplinary commission.
Determined to nail us on something