The intricate web Man City spun to con the Premier League
The 40-page document which sets out how Manchester City were found guilty of inflating sponsorship income makes fascinating reading. Here's what it sets out.
The independent commission's ruling on Manchester City found the club guilty of serious breaches of financial rules and a failure to cooperate with the investigation. The 40-page document reveals the club's intricate web of deception to circumvent financial fair play (FFP) regulations. Manchester City's owners, Abu Dhabi United Group, were aware from the 2009-10 season that they would face major overspending if they aimed to compete at the highest level.
To boost sponsorship income, the club employed a disguised funding scheme, which concealed over £830 million in sponsorship funding and £90 million in expenses. The club's owners paid the majority of these amounts, allowing them to invest in players while misleading third parties, including regulators and auditors, about their commercial revenues.
The ruling also exposed the Fordham Arrangement, a sham agreement between City and a third-party firm that concealed funds as operating income while recording significant expenses as non-operating. Other tactics included moving expensive player and manager contracts off the books through third parties, which the club claimed were operating expenses.
The ruling rejected Manchester City's explanation, labeling it a "concocted" attempt to obscure the truth.
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