It is a big few days for Manchester City. On Saturday, they play Watford in the FA Cup Final and victory at Wembley would give Pep Guardiola’s team an unprecedented sweep of all three domestic trophies.

That feat could pale into insignificance if things go against them on Thursday in Nyon, Switzerland. If Uefa elect to charge City with breaching Financial Fair Play regulations, the impact on the club could be shattering.

City are being investigated on the grounds that they misled Uefa about the scale of their spending since 2012. The information came to light last year when a Portuguese hacker, using the name Football Leaks, released details of what were purported to be internal Etihad emails to a German magazine.

The club denied any wrongdoing and put out a statement saying: “The accusation of financial irregularities is entirely false. The club’s published accounts are full and complete and a matter of legal and regulatory record.”

Reports earlier this week suggested that City could be thrown out of the Champions League if found guilty, although any hearing would not take place until the summer. Even then, City are likely to take the case to t he Court of Arbitration for Sport and challenge any negative verdict in the Swiss legal system. European football’s ruling body are unlikely to impose such a swingeing ban before guilt has been established.

Uefa are aware that they are not merely taking on a club. City are an instrument of Abu Dhabi’s ‘soft power’ policy, where sport is used to gain international influence and respect. The resources of the oil and gas-rich Emirate, whose ruling family bought City in 2008, will be deployed to fight the club’s corner. Some Uefa insiders doubt their organisation’s appetite for such a battle.

There are serious concerns that if City are allowed to compete in the Champions League while the matter is unresolved, the integrity of the competition would be undermined. If a guilty verdict arrives after the group stages, how would expelling City affect the tournament? The affair could even rumble on until this time next year and, in a worst-case scenario, Guardiola’s team could win the Champions League. The situation is fraught with difficulties.

In Pictures | Brighton vs Man City | 12/05/2019 52 show all In Pictures | Brighton vs Man City | 12/05/2019 1/52 REUTERS 2/52 REUTERS 3/52 REUTERS 4/52 Getty Images 5/52 REUTERS 6/52 Getty Images 7/52 REUTERS 8/52 PA 9/52 REUTERS 10/52 REUTERS 11/52 AFP/Getty Images 12/52 REUTERS 13/52 PA 14/52 PA 15/52 Getty Images 16/52 PA 17/52 AP 18/52 AP 19/52 AFP/Getty Images 20/52 PA 21/52 PA 22/52 Getty Images 23/52 AFP/Getty Images 24/52 AFP/Getty Images 25/52 AP 26/52 PA 27/52 REUTERS 28/52 REUTERS 29/52 PA 30/52 REUTERS 31/52 AFP/Getty Images 32/52 Action Images via Reuters 33/52 Action Images via Reuters 34/52 REUTERS 35/52 Action Images via Reuters 36/52 EPA 37/52 PA 38/52 REUTERS 39/52 AFP/Getty Images 40/52 AP 41/52 REUTERS 42/52 REUTERS 43/52 REUTERS 44/52 AP 45/52 PA 46/52 REUTERS 47/52 REUTERS 48/52 REUTERS 49/52 REUTERS 50/52 REUTERS 51/52 PA 52/52 PA 1/52 REUTERS 2/52 REUTERS 3/52 REUTERS 4/52 Getty Images 5/52 REUTERS 6/52 Getty Images 7/52 REUTERS 8/52 PA 9/52 REUTERS 10/52 REUTERS 11/52 AFP/Getty Images 12/52 REUTERS 13/52 PA 14/52 PA 15/52 Getty Images 16/52 PA 17/52 AP 18/52 AP 19/52 AFP/Getty Images 20/52 PA 21/52 PA 22/52 Getty Images 23/52 AFP/Getty Images 24/52 AFP/Getty Images 25/52 AP 26/52 PA 27/52 REUTERS 28/52 REUTERS 29/52 PA 30/52 REUTERS 31/52 AFP/Getty Images 32/52 Action Images via Reuters 33/52 Action Images via Reuters 34/52 REUTERS 35/52 Action Images via Reuters 36/52 EPA 37/52 PA 38/52 REUTERS 39/52 AFP/Getty Images 40/52 AP 41/52 REUTERS 42/52 REUTERS 43/52 REUTERS 44/52 AP 45/52 PA 46/52 REUTERS 47/52 REUTERS 48/52 REUTERS 49/52 REUTERS 50/52 REUTERS 51/52 PA 52/52 PA

There are a multitude of ifs and buts and there is a school of thought in Nyon that hopes Arsenal will intervene with a complaint if Unai Emery’s team lose the Europa League Final against Chelsea and miss out on the Champions League.

In these circumstances, the north London club would not qualify for Europe’s most prestigious tournament, while City compete under a cloud.

The Premier League will also be watching developments with concern. If Uefa accuse City of wrongdoing, how could the English authorities, who have their own financial rules, not file charges?

In some ways, it is easier for Uefa: City have not won any trophies in Europe. The accusations levelled at the Etihad have starker consequences domestically. If they are proven to have broken Premier League rules, what happens to the three titles and four League Cups they have won in the past seven years?

At least one top-flight owner has suggested that City should be expelled if wrongdoing is established. Although the champions have few friends in the division — their attitude as well as their cash has alienated rivals — this does not seem to be the dominant view.

Draconian action has been taken elsewhere. When Juventus were caught up in the Calciopoli scandal in 2006, they lost two Serie A titles and were demoted to Serie B. It’s possible that a guilty verdict against City could cause dramatic rewriting of the history books.

If Thursday is D-Day for City, it is also a critical moment for Uefa.

Failure to present a case against the English champions, secure a judgement and enforce an effective penalty would leave their regulations in tatters. The credibility of European football’s rulemakers is on the line.

There is much at stake on Thursday. Forget Liverpool and the rest, City’s biggest challenge is likely to come from Uefa.