While the allegations could cause City problems off the field, Guardiola and his players insist they will have little trouble focussing on the task in hand at the Etihad on Wednesday.
The three letters, FFP, have always hung over Manchester City ever since Sheikh Mansour took over the club in 2008, with the rich Arab pumping billions into the Premier League side to transform them into the all-dominating side we see today.
Der Spiegel also reports that City owner Sheikh Mansour provided monetary supplements to existing deals with sponsors in Abu Dhabi, where he is part of the royal family, to invest more money into the club.
City have won two Premier League titles since winning their first in 2012, and spent big money on transfers before luring Pep Guardiola to the club in 2016.
"Our partnership with Manchester City and the broader City Football Group continues to deliver important ongoing and accumulative returns on our investments". Of course we want to follow the rules, from UEFA and Federation Internationale de Football Association and the Premier League.
La Liga, the Spanish top flight, has said that, if UEFA does not act, it will "launch a complaint with European Union competition authorities".
City were fined 60 million euros by UEFA in 2014 for breaching those rules, but the two parties reached an agreement under which the club would get 40 million euros back if they stuck to the terms of their settlement.
Der Spiegel claims one of City's solutions to circumvent the rules was to launch Project Longbow.
Manchester City chief executive Ferran Soriano (right) said City needed to fight FFP "in a way that is not visible or we will be pointed out as the global enemies of football", according to Der SpiegelWhat punishments did Man City suffer?
That included selling players' image rights to an external company, therefore writing off that cost from their accounts.
It created "Project Longbow", the name seemingly chosen because it was the weapon of choice for the English army against the French at the famous medieval battles of Crécy and Agincourt. UEFA's rules are intended, among other things, to prevent exactly that.
Man City has not disputed the authenticity of the documents, and said an "attempt to damage the club's reputation is organized and clear". The leaks validate what we have been saying for more than a year.
Despite City's denials there have been growing calls for Uefa to investigate possible wrongdoing, including from the Spanish league.
Der Spiegel said this helped turn nearly 30 million euros ($34 million) into revenue instead of a cost, for the objective of UEFA's investigation of club accounts.
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