I don't agree with this at all.
First of all, I don't think any amount of fiddling the books in any way deserves a punishment as severe as being kicked out of the league. Moreover, I don't think the PL would have any appetite to do it, since the ramifications would be too enormous. We could not play in the Championship without making that league bigger (which would cause problems of its own) or kicking another club out of it. That is not happening. And hate us though they do, there's no way the PL will simply want City to go into liquidation leaving millions of fans worldwide unhappy and a big hole in the PL's marketing.
Second, if we have broken the rules, it is only because the rules are bent in themselves. How is an owner to gradually improve their club by investing in it, if said investment is not allowed? FFP is a ludicrous system for which I have zero respect and if our club has done some "creative" accounting to get around it, then that is what was needed to be done. I just hope we've been clever enough to leave no evidence strong enough to lead to the allegations being proven.