The intricate web Man City spun to con the Premier League
Summary
The Premier League found Manchester City guilty of serious breaches of financial rules, including using fake contracts to hide more than £830 million in funding from club owners. The club's owners arranged deals where they paid most sponsorship money themselves to make the club’s financial situation look better than it really was.Key Facts
- Manchester City was bought by Abu Dhabi owners in 2008 who wanted to build a top football team.
- From the 2009-10 season, the club expected to lose large amounts of money each year.
- New financial rules were coming, so the club needed to show higher commercial income.
- Manchester City used a "disguised funding scheme" where sponsors paid a base fee, and the owners paid the rest.
- This scheme hid over £830 million in sponsorship money actually paid by the owners.
- The club’s financial statements gave a false impression of their commercial revenue.
- The Premier League commission called these actions "sham" contracts and found the club guilty of most charges.
- Manchester City denies these claims.
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