Manchester City may not discover if they will be punished for alleged breaches of Financial Fair Play regulations until the end of the season.
If found guilty of breaking UEFA’s financial rules, City could be slapped with a Champions League ban.
The Times claim the case could ‘drag on for months’ due to the complex legal issues.
City hit back at UEFA by going to the Court of Arbitration for Sport (CAS) to challenge the legitimacy of their investigation earlier this year.
UEFA have accused the reigning Premier League champions of inflating sponsorship deals after internal club emails were published by Football Leaks in German magazine Der Spiegel.
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UEFA’s Club Financial Control Body (CFSB) will decide whether City should be punished if the club are found guilty of any wrongdoing.
CFCB investigator Yves Leterme is believed to be pushing for a Champions League ban.
City would be able to appeal any potential punishment through the CAS.
A statement said: “The accusation of financial irregularities remains entirely false and the CFCB [investigatory chamber] referral ignores a comprehensive body of irrefutable evidence provided by Manchester City.”