Jamie Carragher has openly argued that Manchester City should have the honours they collected while under investigation for financial violations taken away, and that the club’s proprietors ought to be ousted from their roles. In his view, the Premier League’s independent commission has unequivocally found City guilty of serious breaches of the league’s financial regulations, and the repercussions should extend beyond a simple fine.

The club, however, continues to reject the findings. Chief executive Ferran Soriano dismissed the inquiry as a "Premier League conspiracy theory" in a video addressed to players and staff, and the organization has announced its intention to appeal the decision before the October 2 deadline.

Between the 2009/10 and 2017/18 campaigns, Manchester City amassed an impressive trophy haul: three Premier League crowns, one FA Cup, three League Cups and a Community Shield. Carragher, speaking as a pundit for Sky Sports, said, "I do think Manchester City's titles they've won in this time, or trophies, should be taken off their list." He stopped short of endorsing the automatic redistribution of those silverware to the runners‑up, noting that the emotional value of a championship cannot simply be transferred. "Whether other clubs should get them is slightly different," he explained. "But what Manchester City have done is, they've not just hurt their own players in terms of no one looks at their trophies and medals now in the same way..." Carragher reflected on his own experience of winning medals, saying the true essence of a triumph lies in the visceral feeling at the final whistle, not the physical medal itself.

"Those players will never get that feeling and it was robbed by Manchester City. It's not about medals, it's about feelings, and that's what Manchester City have robbed." Beyond the loss of trophies, Carragher believes the owners must face personal consequences.

"The club are going to get punished," he asserted. "You've got supporters, players, the club and owners.

For me this is all about the owners, the people who are at the top of the club." He questioned how the current ownership could remain in English football after a decade of alleged misconduct that, in his opinion, has left a permanent stain on the club’s reputation. He invoked the "fit and proper" test that governs football ownership, arguing that the evidence against City’s backers is irrefutable. "They have so much power and finance behind them, nobody ever tells them no. Until they move away from the club, I don't know how this stain is removed from the club," Carragher said.

While he conceded that City would eventually rebuild and field competitive squads, he doubted the long‑term viability of the current owners remaining at the helm. Carragher also expressed surprise at the Premier League’s ability to secure a conviction despite the club’s financial clout. He noted that the league faced 115 charges and was found guilty on 114, a success he described as a "huge well done" for the governing body. In his assessment, the Premier League’s determination to pursue the case, even against a club with the resources of Manchester City, signals a watershed moment for football governance.

The former Liverpool defender also considered the impact on the players who featured during the tainted era. He voiced empathy for both current and former City stars, acknowledging that many of them have publicly defended the club. "I’d be furious and I actually feel for the Man City players," he said. "As a team, what they've done is wrong.

The Premier League have called it a sham five times in their statement." Carragher singled out Kevin De Bruyne as an example of a world‑class talent whose legacy could be tarnished. He suggested that inflated wages, possibly linked to the alleged financial breaches, might have influenced the Belgian’s decision to stay at the Etihad. "If he sits there at the end of his career now and the whole world looks at his Manchester City career of 10 years of service and look at it as a sham, I'd be furious," Carragher warned. He warned that continued denial from the club’s hierarchy could exacerbate player frustration, describing the owners’ communications as "gaslighting" of players, ex‑players and supporters who have built strong emotional bonds with the club.

Over time, Carragher expects a decline in public support from former City figures as the scandal lingers. In summary, Carragher’s stance is clear: the titles earned during the period of financial misconduct should be removed, the owners should be stripped of their positions, and the Premier League’s decisive action should serve as a deterrent for future violations. He believes the emotional damage inflicted on fans, players and the broader football community is the most significant injury, one that cannot be remedied simply by handing over medals to other clubs.

The debate now shifts to whether the governing bodies will enforce such severe penalties and how the legacy of one of England’s most successful clubs will be rewritten in the annals of the sport.