It’s probably the end of the premier league as we know it.
If they go too easy, the other big clubs say fuck you we’ll go and set up our own super league and all spend whatever we like.
If they go too hard, City and a few others will go and set up their own super league and eventually the other big clubs will join if they don’t from day 1.
They’ve only got themselves to blame. It was obvious from very early on that they had some dodgy sponsorship deals going on (maybe not to this extent but very obviously corrupt deals), but instead of investigating it they almost turned a blind eye and let it get to the point of no return.