The Football Association said Friday that a ruling against Manchester City over major financial violations has significant implications for the integrity of soccer and that it is reviewing the decision.

An independent commission found Manchester City guilty of artificially inflating its revenue by more than $1 billion over nearly a decade through what the Premier League described as “sham” sponsorship agreements linked to the club’s ownership.

The commission found City guilty of all charges involving serious breaches of the Premier League’s financial rules between 2009 and 2018. It also found the club guilty of most of the charges related to its failure to cooperate with the investigation.

The FA, the governing body of English soccer, issued its first response to the biggest disciplinary case in Premier League history.

“The independent commission's decision has significant implications for the integrity of the game,” the FA said.

“We are carefully considering the decision and its implications and will take action where appropriate.”

The FA said it would “continue to monitor developments closely” but would not make further comments while the proceedings remain ongoing.

Manchester City has said it will appeal the ruling, which was published Tuesday. The deadline for filing the appeal is Friday.

The club’s potential punishment will be considered separately in a confidential hearing before the independent commission. Possible sanctions include a fine, points deduction or even expulsion from the Premier League.