Is it possible to break FFP or any other financial rules in FM, and what are the consequences?

With City recently being crowned champions all I can see on social media is references to their 115 charges. It made me wonder if it’s actually possible in FM. Can a team get demoted several tiers? Can they get stripped of their pro licence? Can a team have points deducted? Etc. Please let me know if you experienced this in FM!

With City recently being crowned champions all I can see on social media is references to their 115 charges. It made me wonder if it’s actually possible in FM. Can a team get demoted several tiers? Can they get stripped of their pro licence? Can a team have points deducted? Etc. Please let me know if you experienced this in FM!