The Etihad side is appealing the guilty verdicts in 114 findings of breaches of financial regulations.

Manchester City’s rivals should be on red alert to capitalise on any punishment that could see the Etihad side docked points - or even kicked out of the Premier League.

Liverpool legend Michael Owen reckons his former club shouldn’t be too downhearted by last weekend’s defeat to Enzo Maresca’s outfit.

Because there is a possibility that it will count for nothing if City’s appeal fails to overturn the guilty verdict in 114 out of 115 charges of breaches of financial regulations.

Owen told BelfastLive, speaking as brand ambassador for Casino.org, a platform that helps online casino players in Ireland find and compare casino sites: “(City) obviously have been found guilty already. If that stands, then there is going to be a substantial punishment.

“You can’t break the rules like they have and get away with a slap on the wrist. It is going to be a big punishment.

“So absolutely, it’s always going to be in the back of teams’ minds this season, even if it means challenging for Champions League places, because a points deduction is a very real possibility for Manchester City.

“Teams are going to have to bear that in mind. Without that hanging over their heads, they are looking pretty good.

“But I would still favour Arsenal as the most reliable team to win the league this season. City have had a great start. Winning at Old Trafford, winning at Anfield is no mean feat.”

Owen believes that City’s actions have tarnished the Premier League’s reputation.

“It’s obviously disappointing, isn’t it? We have loved the Premier League for so many years and to have a situation whereby a team could potentially have been flaunting the rules, it is disappointing.

“I feel sorry for the players, the managers and fans. They get my sympathy.

“I’ve never been a manager, but as a player you go out and you are putting in these amazing performances and you are playing at the very highest level.

“Every single day you are working your socks off to have a good career. For that to be tarnished through no fault of your own would be pretty galling, I would suggest.

“Some players won’t be bothered. They’ll think, no one can take it away from me. As players we won it.

“Now we all know the back story that maybe some of those players shouldn't have been there. But that's not the players’ fault. They joined the club in good faith.

“So I would feel sorry for the players, the fans, and managers over those years as well. I would suggest these actions will have been done at the highest level in the boardroom.

“If they get confirmed as being found guilty, because obviously there is an appeal, I can only see it being a huge punishment.

“There are fines, points deductions, relegation, bans on transfers in the future, stripping of past titles; there are so many different things that you can talk about.

“Trying to find a punishment that fits the crime would be fascinating. But it would leave a big mess.”