UK regulator reviews Manchester City audits, says it can force owners out

The UK's audit regulator has taken up Manchester City's accounts and its auditor's work, and its chair says it could force the owners to sell.

• The Financial Reporting Council resumed oversight of Manchester City's accounts on September 30, after an independent commission found violations exceeding $1.2 billion.
• The FRC has begun initial inquiries into whether to open a formal investigation into BDO, the audit firm that has audited City since 2007.
• FRC Chair Kogan said the regulator holds power to force Manchester City's owners to relinquish the club if they are found to manage it improperly.
• Manchester City has appealed the independent commission's verdict, which upheld 114 of 115 charges against the club.