What does Man City guilty verdict mean for their squad?

So much has been said about Manchester City since it was revealed they had been found guilty of the majority of the 115 Premier League charges levelled at them.

On Tuesday, it was confirmed that an independent commission found City guilty of all charges relating to breaches of the league's financial regulations between the 2009-10 and 2017-18 seasons. The club has repeatedly denied guilt.

Their potential punishment has been debated, the future of the owners questioned and the feelings of the rest of the league - and wider football world - have been aired.

But so far there has been little focus on what it means for one crucial group.

Without definitive clarity on what sanctions the Premier League will impose, pending the appeal City have lodged, there is uncertainty over their ability to retain players, renew contracts, and make transfers - and whether any of the team have release clauses.

Put simply, will players want to join? Will current players want to stay?

BBC Sport has spoken to a number of sources in an attempt to understand how the recent judgement will impact City's dealings in the transfer market and how existing players may approach their futures with the prospect of losing Premier League status hanging over the club.

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The general train of thought is that any drop down the leagues for City will result in a mass exodus.

That players will, at the very least, consider their futures at Etihad Stadium in the event of demotion would be understandable.

The squad is brimming with international talent, many of whose profiles and personal sponsorship agreements benefit from plying their trade in the Premier League.

The reaction from current members of the City squad varies depending on who you speak to.

From the conversations BBC Sport have had with sources close to the first team, there is certainly a significant level of concern as to how they will be affected.

Given the scathing tone of the Premier League's statement on Tuesday, there is major scepticism from people close to the players that the forthcoming appeals will earn the club any reprieve.

But there are others who absolutely believe in City executives Khaldoon Al Mubarak and Ferran Soriano's vows to prove the club's innocence.

For those players who decide they don't want to drop down the divisions, should it come to that, the process of leaving is unlikely to be straightforward.

Firstly there is the contract and the player registrations. City, regardless of each individual's view on whether they want to depart, have the right to demand transfer fees.

Given how much those players are worth in terms of wages and their general value in the market you'd imagine City are unlikely to accept being undercut.

That, as BBC Sport understands, the majority of players do not have relegation clauses in their contracts also plays into the club's hands.

But it is also understood that as a general rule the players' contracts are fully guaranteed, meaning they would not be required to take percentage pay cuts if they lose their top-flight status.

With one of the highest wage bills in the world, maintaining that level of salary expenditure, even for a club as financially capable as City, will become harder without Premier League-level income.

Parachute money could ease those concerns, although there are no guarantees that the club would be entitled to those payments if they are demoted.

With that in mind, City deciding to keep the squad completely intact should they move down the leagues appears unlikely.

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How amenable City are to selling players will be dependent on how bullish they are about it all.

Are they a distressed seller? Probably not. They still hold strong control of the situation regardless of how their players may feel.

It is unlikely the club will just simply roll over and let disillusioned players depart without suitable offers because, ultimately, they can ride the storm financially.

Players will have massive decisions to make too, not just in respect of leaving.

City are big payers, and other clubs may not be willing to meet similar wage demands.

"Some players want medals, all players want money," one agent said to BBC Sport.

In terms of potential contract renewals, the current uncertainty over what sanctions will be meted out provides a major element of risk.