Manchester City’s Premier League title odds plummeted on prediction markets and online sportsbooks Friday after it was announced the club had been found guilty on 114 of their 115 charges related to financial breaches.

No punishment has been levied, and City plans to appeal the ruling, but their price to win the Premier League at Polymarket dropped from as high as 48% this morning to 31% within minutes of the initial ruling. At Kalshi, it dropped $0.10 upon the news.

Charges based on alleged financial breaches from 2009 through 2018 have been looming for Manchester City since they were brought in 2023.

The club was accused of not providing accurate information regarding payments to player and coaches, as well as breaches of the UEFA financial fair play regulations and the Premier League’s profitability and sustainability rules.

There were 115 chargers total, and on Friday it was found guilty of 114 of those.

Under the ownership of Sheik Mansour and the Abu Dhabi United Group, City has become the biggest force in the Premier League, winning eight league titles, four FA Cups, seven League Cups and a Champions League title all since 2008.

It had won just two English top-flight titles in its history prior to that.

Traders and sportsbooks immediately reacted to the news, with Polymarket users having the most severe reaction.