The UK Prime Minister Andy Burnham said he "would be really concerned" if Manchester City's owners sell the club following the guilty verdict for breaching Premier League financial rules.
Burnham's comments came after the chair of the Independent Football Regulator (IFR) said the ruling "raises serious issues" and pointed out the body has the power to assess the suitability of club owners and executives once proceedings come to a close, with City having already indicated their intention to appeal.
An independent commission concluded City "clearly intended to circumvent Premier League rules" by inflating revenue and hiding costs through a series of "sham" commercial deals over a nine-season period.
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On Wednesday, the prime minister -- former mayor of Greater Manchester -- thanked City Football Group, the club's holding company, for the money it had invested into Manchester and said he would not want them to stop owning the Premier League club.
"I would be really concerned to lose them," he said when asked by the BBC if he was worried about them selling the club.
"They've been such a huge partner in the building of modern Manchester. Obviously, the building of Manchester City into the global force that it is."
Asked if all his dealings with Manchester City while he was mayor will stand up to scrutiny, he said: "Oh indeed. I do actually thank the City Football Group and the wider ownership for the money that they didn't just put into the Etihad and the campus around it but also into the city, but yes of course."
Burnham said he is "not getting directly involved in the process," adding: "I have to keep my distance from it. It would be wrong for me to do anything else. It's an independent legal process that has to play its course through ... There's a lot at stake. Let's be honest about that, for the football club, for city supporters, for the city of Manchester."
Earlier, IFR chair David Kogan outlined the powers the regulator could bring into play should the appeal board broadly uphold the decision of the original commission.
"The independent commission's decision raises serious issues," Kogan said.
"The IFR has powers to assess the suitability of owners, directors and executives and we will use these powers where appropriate, in the interests of protecting the sustainability, honesty and integrity of English football where there is clear evidence of wrongdoing by individuals.
"This includes taking account of findings made by the leagues. However, as the proceedings remain ongoing between Manchester City and the Premier League we will await further developments."
In the most extreme cases, the IFR has statutory powers to force directors and managers off boards and to compel owners to divest from clubs.
City have already indicated their intention to appeal, describing the decision as "unsafe," and drew support from former manager Pep Guardiola in an X post on Wednesday afternoon.
Guardiola, who won six Premier League titles with City before leaving at the end of last season, issued a social media post via the Pep Team X account in solidarity with the club's bosses, players, coach and supporters.
"I want every single @ManCity fan to know I am here; more than ever. I am, always have been, always will, be behind my club, my owner, my chairman, Ferran, the players, staff, Enzo and you, our unique supporters," the post read.
"Let me be clear: we will get through this together. I love you all."
The club were found by the commission to have operated a "disguised funding scheme" whereby companies from Abu Dhabi paid a fraction of the sum recorded on the club's books, with the balance settled by Abu Dhabi United Group (ADUG), the company through which Sheikh Mansour owns the club.
That scheme was found to have inflated revenue by more than £830 million ($1.1 billion) between 2009-10 and 2017-18.
The club also were found to have overstated income from image rights by almost £74 million ($98m), and understated liabilities for staff contracts by almost £17 million ($23m).
City were also found to have made "concerted efforts" to "stop and frustrate" the Premier League's investigation.
The club say the decision "contains clear material errors, of law, principle and fact, and is unsafe" while City chief executive Ferran Soriano told staff in a video message that the commission had gone along with the Premier League's "conspiracy theory."
The same commission which has given its decision will now consider what sanctions should be imposed.
These could include significant sporting punishments, such as a points deduction, or even expulsion.
The Times, meanwhile, has reported that other top-flight clubs have contacted the league urging a conclusion to the case before the end of the season.
