I think the Twitter spaces chat was really helpful. It's bigger than I thought, so when people are saying relegation is a realistic outcome
if found guilty they really mean that. The good news is the league realistically has to prove that we have knowingly and deliberately cooked the books at every level of the organization, that multiple parties have covered and lied about it, and that auditors and independent regulators of multiple companies have either been misled or failed to spot this. It's a huge set of claims that will need to be established, to the extent that even Stefan isn't sure that the premier league fully appreciate what they've set themselves up for. But if they can realistically demonstrate that this has been happening every season, year after year, then it's not a slap on the wrist.
Edit: from this chat, this line from CAS seems absolutely critical: if what the premier league are saying is true it would “mean that not only [Manchester City] lied to the [league] and UEFA, but also that accountancy firms such as BDO, Deloitte, Ernst & Young and AlixPartners […] were all misled". To which we might add and
failed to identify that they were misled. This misleading isn't just
within CFG, but in Etihad Airways and all the rest of the companies involved. It's very easy to sneer about this (ha ha, who is the Etihad owned by), but the implications are enormous in terms of geopolitical and business fallout for a three person panel to settle behind closed doors. You'd essentially be saying that half of the big four auditors and multiple organizations around the world have failed to spot City's wrongdoing and/or are complicit in their coverup. Big, international, mainstream businesses. It really is a huge claim.