Premier League has no say on delay over Man City charges, says chief exec
The case was heard by a commission between September and December last year but no decision has been published.
The issue continues to hang over the league as the 2025/26 season gets underway this weekend, but Masters said his organisation has no control over when a verdict will be reached.
"Once the allegations, the charge has been put forward, they go before an independent panel, which is independently selected, and they are then in charge of the process and its timings," Masters told Sky Sports News.
"They hear the case, they decide the outcome, and we have no influence over that, over it or its timing.
"And that's right, if you think from an independence point of view, that there is independent people making those decisions, and we just have to be waiting.
"My frustration is irrelevant, really. I mean, I just have to wait, and legal processes rarely take less time than you anticipated, but we have to be patient."
City deny any wrongdoing and have said they have a "comprehensive body of irrefutable evidence" to clear their name.
But if they are found guilty, they could face a range of punishments, including a severe points penalty, or even be kicked out of the Premier League.
City were charged with failing to report accurate financial information for nine seasons stretching from 2009/10 to 2017/18, as well as failing to provide full details of former manager Roberto Mancini's pay between 2009/10 and 2012/13.
They are also charged with failing to provide full details of remuneration in contracts with players between 2010/11 and 2015/16, and with failing to co-operate with the investigation over a period from 2018 to 2023.
Since an Abu Dhabi-backed takeover in 2008, City's fortunes have been transformed on the field from also-rans to the dominant force in English football.
Eight of their 10 top-flight league titles have come since 2012 and they also won the Champions League for the first time in 2023.
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