If Man City are found guilty of the FFP charges, They'd be relegated from the Premier league. That's a big iff though, since it's Man City, they will lawyer up and just throw more money at the problem.
Of course it is true, Manchester City will receive severe punishment if they are proven to have violated the rules. However, to this day, they have not been found guilty even though there are more than a hundred accusations that have been filed. Other rivals including Liverpool and Arsenal would certainly love for Manchester City to get punished, but so far there have been too many rumors to be believed.
I hope Manchester City is truly able to defend itself against all these accusations and win the trial. This is what all their fans hope for, especially because this season Manchester City has a big chance of defending its title for the fourth time in a row.
I for one will like to see what the outcome of these charges will turn because I think most of these things are just formality and nothing actually is usually done towards any team being penalized even though the evidence points out very clearly that the team have violated the terms and laws. The only one team that was punish due to such I think fc Barcelona when they breach under age signing law and even at the punishment was still lenient on them.