The Football Association expressed its concern that the guilty charge aimed at Manchester City over the Premier League's financial rules stains the "integrity" of the game.
The FA's full statement read: "The Independent Commission's decision has significant implications for the integrity of the game. We are carefully considering the decision and its implications and will take action where appropriate.
"As proceedings between the Premier League and Manchester City Football Club remain ongoing, we do not intend to comment further at this stage. We will, however, continue to monitor developments closely."
Friday is the deadline for City to appeal the guilty verdict into their breaches of Premier League rules. They have stated that they intend to appeal.
The commission concluded more than £830 million ($1.1 bn) of such funding was used to inflate revenues and enable the club to comply with Premier League and UEFA financial rules through a series of "sham" arrangements.
The 40-page core decision published Tuesday shows the independent commission rejected the CPC explanation as "untrue" in its findings, adding: "We concluded that it was an 'explanation' that the club had concocted well after the event in an attempt to obscure and conceal the realities of the disguised funding scheme."
Sponsor Etihad Airways, which is owned by an Abu Dhabi fund chaired by City owner Sheikh Mansour's brother, is considering legal action against the Premier League.
Prime Minister Andy Burnham told the BBC earlier this week that he would be concerned if City's owners sold the club due to the guilty verdict because they have been "a huge partner in the building of modern Manchester." But a No. 10 Downing Street spokesman afterwards: "As the Prime Minister made clear, the initial judgement is serious and there can't be any suggestion that anyone is above the rules.
"He also stressed that it is an ongoing independent process. It is essential that it is allowed to run its course and the outcome respected.
"If wrongdoing is established, those responsible should face the appropriate consequences."
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But Jamie Carragher wrote for The Telegraph: "The club can only heal and recover from the shame of their guilt once the custodians recognise they have failed in their duty and sell up."
Gary Neville insisted the entire league has suffered due to City's guilty verdict, saying on the Stick To Football podcast on Disney+: "To listen to this, it is chilling.
"We always think that we've got an enormous integrity, the Premier League, that we are the sort of league that sets the standard, and that it's other leagues that have got corruption, fraud, doping scandals, match-fixing, referee scandals.
"This is now coming to our country. This is now coming to our league. This is the greatest export that we have in our country. At the moment we're being dragged through the mud."
Press Association contributed to this report.