The independent commission's verdict against Manchester City has "significant implications for the integrity of the game", according to the Football Association.
Manchester City's appeal against the Premier League's verdict hinges on the club's claim that its sponsorship deals came from the Abu Dhabi government.
Manchester City's punishment for breaching Premier League rules should be handed down before the end of this season, senior football figures tell BBC Sport.
Former Manchester City defender Micah Richards felt "absolutely devastated" after reading the Premier League's "damning" verdict on the club's financial charges.