City have always denied wrongdoing and have lodged an appeal against the commission's findings, with any sanction still to be decided. The possible punishments range from a fine to a points deduction or even expulsion from the league, and the charges cover a period in which the club won three Premier League titles.
Wright-Phillips, who came through City's academy and had two spells at the club, admitted he does not know what a fair outcome would look like.
"I'm not sure what is fair, because from what I've seen and heard, this situation is quite unprecedented," he said, speaking to Flashscore on behalf of [a href="https://www.olbg.com/bookmakers.php" target="_blank"]OLBG[/a]. "But I'm always going to stand behind this fact: what the players, the fans and the manager brought to the team, you can't buy.
"It takes a certain man to gel a team the way that team was gelled, and they wore their hearts on their sleeves. They got injuries through everything they did to achieve what they achieved. So for me, I'm not a big fan of stripping the medals. That's just my personal opinion."
On the pitch, City have won all five of their Premier League games before the verdict was announced during the international break. That means a perfect start for Italian manager Enzo Maresca, who has stepped up to the huge task of following Pep Guardiola, the architect of City's dominant years.
Wright-Phillips believes Maresca should not be measured against his predecessor.
"I don't think you can ever compare anybody, or try and better anybody like your Peps, your Sir Alex Fergusons or your Arsene Wengers. They made history their way," he said.
"I think Maresca's coming in and he's going to try and make history his way. He's going to try and put his stamp on the club.
"For me, the way he started is the perfect way to start. And now it's just about: can you maintain that? Can you keep driving the players on? Can you keep getting these performances, if not better, out of them, game after game after game, season after season, and so on and so on? At the minute, I believe he can."