Three years ago, City were charged with breaking financial fair play rules over a nine-year period, from 2009 to 2018, but the case has yet to reach a conclusion.
City, who won three Premier League titles in that period, have denied all the charges and any wrongdoing.
According to the Premier League, Man City broke the rules over nine seasons by allegedly failing to provide accurate financial information. They were also charged with failing to cooperate with Premier League investigations into their finances.
- Transfer Centre LIVE! | Man City news & transfers🔵
- Man City fixtures & scores | FREE Man City highlights▶️
- Got Sky? Watch Premier League games LIVE on your phone📱
- Not got Sky? Latest Sky Sports deals or stream PL games with no contract📺
The 12-week hearing was held in front of a three-person independent commission between September and December of 2024, but almost two years on, a verdict is yet to be delivered.
Asked for an update at a Premier League launch event for the new 2026/27 season, Masters told Sky News: "There's nothing further I can add.
"Our rules are very clear about that - I have to keep everything confidential until we're ready to hand down a decision and be clear about it.
"I can't give any update on timing or what's happening.
"There's only one available route through this, which is to allow the process to take its course.
"It has taken longer than expected, and I do understand the frustrations."
Questioned on whether he was angry with the commission, he replied: "No, I've already said the commission need the time and the space to do their job.
"In the end, the Premier League's role is to put allegations, if the evidence is strong enough, in front of an independent commission and allow that commission to establish the truth, and that shouldn't be qualified by the amount of time it takes to get there."
