ByAdwaidh RajanBBC Sport journalistPublished13 minutes agoThe independent commission's verdict against Manchester City has "significant implications for the integrity of the game", according to the Football Association.
In a statement, English football's governing body added: "We are carefully considering the decision and its implications and will take action where appropriate."
The FA's statement comes after it was confirmed on Tuesday that City were found guilty of all charges relating to breaches of the Premier League's financial regulations between the 2009-10 and 2017-18 seasons.
City have repeatedly denied guilt, and have until Friday to lodge an appeal.
"As proceedings between the Premier League and Manchester City Football Club remain ongoing, we do not intend to comment further at this stage," the FA added.
"We will, however, continue to monitor developments closely."
Sources told BBC Sport that City were expected to claim that key sponsorship deals were funded by the Abu Dhabi government, rather than the club's owners, as part of an appeal.
Among the independent panel's findings were that City arranged "sham contracts" with a number of commercial partners as part of a scheme to disguise secret funding of more than £830m.
The Premier League says City "systematically broke Premier League Rules for nearly a decade".
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