In an exclusive interview with Flashscore, Petrov admits the ruling hurts him personally, yet stresses that clubs must face the consequences if they break the rules.
However, the Bulgarian draws a clear line at taking away titles, defending the football Pep Guardiola's side produced on the pitch, and suggests that the long-running case may already explain some of City's inconsistent recent form.
A major piece of news has emerged over the last few days - Manchester City have been found guilty of all but one of 115 charges of breaching Financial Fair Play rules. What was your initial reaction to this news?
"Unfortunately, it is negative news for football as a whole, regardless of which club is involved. Even more so when it concerns one of my former clubs and one of the clubs close to my heart.
"I was hoping that after all the years during which this case had been going on, it would ultimately turn out to be a storm in a teacup, but apparently they really did breach certain rules, given that they have been found guilty on all charges. It will probably drag on for a long time, as an appeal is expected.
"We are waiting for the final verdict and the appeal process. Ultimately, rules are there to be followed. And if it is indeed proven that they were in the wrong, as painful as it is for me personally, they will have to face the consequences.
"There is one thing, however, that I would not understand, and that is a possible stripping of titles. That would be excessive. I don't think anyone expected what happened with Pep Guardiola's arrival. Manchester City became a thorn in the side of many people. But what he and his team achieved on the pitch cannot be diminished, with everyone now wanting to be awarded championship titles by default at City's expense, so to speak.
"On the pitch, it has always been 11 against 11. That is where footballing ability is demonstrated; it isn't a bag of money playing against another bag of money. Manchester United have spent more money than City in recent years. I'm not having a go at United because I'm a City supporter; I'm simply pointing out the statistics that were published. Ultimately, they didn't achieve the same results.
"What Pep Guardiola achieved with his staff... even during the short time I spent at the training ground, I saw what it was the product of and just how professional they were. These people were genuinely dedicated to their work. They weren't interested in what was happening higher up the hierarchy. Guardiola said this several times in interviews. He focuses on his job - ultimately, their job was to produce good, quality football on the pitch, and they did just that.
"They weren't buying matches or referees; if they had been, then there would be nothing more to discuss, right? But they made many fans fall in love with the game, with what they were demonstrating and with that attacking style of football. How many teams and coaches started copying his style? Are they guilty of that too?"
Why did it come to this, and why Manchester City specifically?
"Perhaps because of the excessive drive to take City to such a high level in a record amount of time. What other clubs achieved over 30 or 40 years, they achieved in 10. Perhaps they broke some Financial Fair Play rules somewhere along the way, but let's also be honest about something else: we all know that if these big clubs, the giants of European football, were subjected to large-scale investigations... Let's ask ourselves whether they have all complied with the FFP rules.
"Many clubs would be caught up in some kind of manipulation because these are astronomical sums of money being circulated in football at the moment. Clubs earn enormous amounts – from merchandise, tickets and TV rights. But we also know what their expenses are; we see the kind of salaries being paid. To me, it is unreal, and I think that to some extent, every club has made mistakes in some way or to some degree."
If the verdict is upheld and the severe punishments we are discussing follow, can it be said that City will become the scapegoat of a concept that is perhaps somewhat or even largely imaginary - 'Financial Fair Play'?
"I hope that won't be the case. Rules and laws have to be followed, regardless of your name. For me, this should not be about making an example of anyone. It may simply show that when there are strict rules and laws, they have to apply equally, regardless of who you are."
What will happen to the club if City are ultimately relegated from the Premier League? Will a complete transformation be necessary?
"That is a question the club's management will have to answer. In my opinion, all kinds of possible scenarios are already being discussed and considered there because the speculation isn't going away. I read today that they could perhaps have points deducted over several years.
"Of course, the first major issue will be the enormous financial losses, as they would not participate in the Champions League. Then comes the big question of what will happen with all the stars and the multi-million-pound contracts they have with the club. The scandal would be astronomical, especially if they were sent down to the lower divisions.
"I doubt, however, that the management would simply throw in the towel. Rather, it would motivate them even more to get the club back to where it belongs and, in their own way, prove that they haven't done anything wrong intentionally. The club would remain attractive and generate the same level of interest wherever they played."
Do you think the news will affect the team spirit and the sporting side of things? If you were a City player right now, how would you block out all the noise and continue working?
"There is no way it won't have an impact. Yes, they are professionals, but they are also human beings. There is no way these reports haven't shaken the players, the team, the entire football community and Manchester City as a club in some way.
"I'll go even further - I believe that in recent years this has affected them and contributed to some of the inconsistent performances they have produced. In my opinion, there is a connection between those performances and this whole saga, and the results have shown it. There is no way these speculations haven't affected some players.
"Suddenly, they start asking themselves: 'Okay, what happens to me if this actually happens? Do I want to remain at this club? Maybe they won't be able to pay me this kind of money. Will I look for another club, even if it means earning less?'
"There is no way these questions don't enter a footballer's head, no matter how professional he is. He is a professional, he takes care of himself, he looks after his health and he tries to carry out all the tasks he is given. But when you go home in the evening or lie down in bed, there is no way these thoughts don't enter your mind.
"Obviously, we are talking about big stars. For example, if we're talking about Haaland, it's clear that perhaps the other major European giants are already rubbing their hands together and saying, “We'll get him next year.' That's what everyone is expecting, almost as if they will be able to get him for free. The same applies to the other players. It's completely normal.
"It will be very important now because when Manchester City play at home, I'm convinced the fans will applaud, chant and show their support. But do you realise what will happen when they play away?"
What will the reaction be at Anfield in the upcoming clash against Liverpool - one of City's main title rivals in recent years?
"The atmosphere will certainly be hostile. There will be chants, and I wouldn't be surprised to see banners as well. The bad thing is that there won't be as much attention on the actual match as there will be on this issue. The focus will be away from football."
Given Enzo Maresca's perfect start to the new era - five consecutive victories and top spot - what do City need to do to maintain this level, and do you think they can manage to do so in this situation?
"The empire Guardiola built is very difficult, perhaps impossible, to replicate - that is the first challenge they are already facing. They made a good start, but now this news has caught up with them.
"Thanks to their good start, they have confidence, but in my opinion they first need to deal with this problem psychologically. They need to calm the players down and make them feel the support of the management, as well as the fact that everything at the club will continue to function as it has done until now.
"That perhaps needs to be the first priority, and then they can continue with their performances. Inevitably, Enzo Maresca may be copying some things from Guardiola, given that he was his assistant. So I hope they continue along this path. He certainly has his own ideas as well, and new players have been brought in."
Are the Citizens legitimate contenders to take the title away from Arsenal this season?
"It is far too early to say. We've seen all kinds of twists and turns in the Premier League over the past few years, and they continue to amaze us.
"Just as they have made such a good start, they could also fall a long way behind if they lose two or three consecutive matches. The same applies to the other teams. So for me, it is far too early to make predictions, but I think they and Arsenal will once again be the most serious title contenders - assuming there are no major developments in City's case."
The recent Manchester derby was overshadowed by the controversy surrounding Erling Haaland's winning goal, with Pro Ref later admitting that VAR made an error in allowing it to stand. What was your reaction when you saw the incident?
"To be honest, even on the first replay, I thought it was offside, and I continue to maintain that it was.
"For me, the problem is that the rules aren't clear enough when it comes to possible interpretations, which leads the referees themselves to struggle and wonder as they search for the correct decisions. That's why they look at VAR for ten minutes. In two matches, the exact same situation is interpreted in two different ways because there is no unambiguous interpretation of the rules. That leads to controversy and arguments.
"I'm glad the goal was allowed and that we won, but for me it was a clear offside by a metre and a half. It doesn't matter whether the ball came off the defender's heel and slightly changed its trajectory. That's another one of those things that is open to interpretation. It's complicated and ambiguous."
But wasn't VAR introduced precisely to simplify things?
"Exactly. That's what I was going to say. I understand the people who make these decisions, and in particular these new rules that have been introduced recently. You know, the rules about substitutions, the 15 seconds, the five seconds for throw-ins – that's okay for me. It really makes things faster and prevents as much time from being wasted. As far as I know, Arsene Wenger promoted these rules and has been putting forward ideas in that area.
"But there are some rules which, instead of helping, seem to make things even more complicated and don't simplify matters as much. Ultimately, that's why they are there and they have to make the decisions.
"As fans, we hope things can be made as simple as possible so that there aren't these kinds of controversies. Although football is very difficult, especially now with all these cameras everywhere filming everything... It's very difficult. But the more we can reduce these margins of error, the better it will be for football."