Manchester City and Paris Saint-Germain will this week be found guilty of failing to comply with Financial Fair Play rules.
City and PSG are understood to be among fewer than 20 teams under threat of a sanction.
Manchester United, Arsenal and Chelsea all confirmed they were not under investigation from European football’s governing body.
Having posted losses of £149 million over that period after buying the likes of Sergio Agüero, Samir Nasri, Gaël Clichy, Javi Garcia and Matija Nastasic, City were always likely to be under heavy scrutiny.
They may face a heavy fine or transfer embargo for breaking FFP rules.