In February last year, City were charged with breaching 115 financial regulations over the course of 14 seasons from the beginning of the 2009/2010 campaign.
City, who deny wrongdoing, face a potential points deduction or even expulsion from the Premier League if found guilty.
Everton, meanwhile, were charged by the Premier League in March last year before they were handed a 10-point deduction in November.
The Toffees, alongside Nottingham Forest, are now at risk of another points deduction after they were charged with new financial breaches by the Premier League earlier this week.
Rival supporters have expressed their concern over the duration of City’s investigation but Masters insists the Premier League champions are not being treated differently to other clubs.
Asked if he can understand frustration from supporters about the length of time related to investigating City’s charges, Masters told a select committee in Westminster on Tuesday: ‘Yes, I can.
‘I can but they are very different charges, that’s all I’d say.
‘If any club, whether they’re the current champions or otherwise, had been found in breach of spending rules for year 2023 they would be in exactly the same position as Everton or Nottingham Forest.
‘But the volume and character of the charges laid before Man City, which I obviously cannot talk about at all, are being heard in a completely different environment.
‘There is a date set for that proceeding, unfortunately I can’t tell you when that is but that is progressing.’
Asked if he can give the status of the Man City and Chelsea investigations, Masters replied: ‘No, I can’t give any details on Man City beyond saying a date has been set, I can’t tell you when that date is.
‘On Chelsea, as you know the new owners of Chelsea came forward with information to the FA, UEFA and the Premier League about previous ownership and we’re still investigating that.
‘And we don’t announce the outcome of that until we have completed those investigations.’
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