Manchester City sponsor Etihad Airways has said it is considering legal action against the Premier League.
Etihad is owned by an Abu Dhabi fund chaired by City owner Sheikh Mansour's brother.
City were found guilty of all breaches of the Premier League's financial rules but intend to appeal.
Chief executive Ferran Soriano called the findings a "Premier League conspiracy theory."
Sponsor Etihad has warned it will "seek the relevant legal counsel on the options and recourse available to protect its interests" and said it still stood with the club.
The state-owned Abu Dhabi airline added in a statement: "Etihad categorically rejects any finding, conclusion or implication that suggests the airline has ever been involved in improper commercial arrangements.
"The Premier League's public communication of the commission's findings, following a period of selective leaks and reporting, has further created damaging implications for Etihad despite the airline not being named in the redacted published findings."
Another City sponsor, drinks manufacturer the Asahi Group, issued a statement to the Press Association on Thursday morning which read: "We are aware of the findings published by the Premier League on September 29, 2026 and Manchester City's subsequent statement confirming its intention to appeal.
"We are continuing to monitor developments and have no further comment at this stage. Asahi Super Dry became a partner of the City Football Group which includes Manchester City in July 2022."
Information from ESPN's Mark Ogden and the Press Association contributed to this report.
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