Manchester City’s hopes of beating the 115 financial charges by the Premier League could hinge on the accounts of one of its main sponsors.
At the heart of the charges is the club’s sponsorship deal with Etihad Airways. The airline is planning to go public on the stock exchange, which could reveal fresh evidence in the case. The airline is reportedly planning to go public as soon as this year.
A report by German publication Der Spiegel claimed leaked emails suggest the airline was only paying £8million of its official £67.5m obligation to City from the 2012-13, 2013-14 and 2015-16 seasons, respectively, with the rest coming from the Abu Dhabi United Group.
This would breach financial rules set by both the Premier League and UEFA while it could also suggest a fraudulent conspiracy between City’s top brass and Etihad executives according to one industry source.
City strenuously denies the charges and said it “look forward to this matter being put to rest once and for all”. In a statement issued in February 2023, the club said:
“Manchester City FC is surprised by the issuing of these alleged breaches of the Premier League Rules, particularly given the extensive engagement and vast amount of detailed materials that the EPL has been provided with.”
“The club welcomes the review of this matter by an independent commission, to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position. As such we look forward to this matter being put to rest once and for all.”
Recent reports from the Middle East suggest that Etihad is preparing for a public share sale. This means they would show everyone its financial details, which could help the club clear up any doubts, says The Mirror.
Stock market experts believe that Etihad wouldn’t let people see their accounts if it could reveal any wrongdoing. “If it came to light that Etihad executives were indeed involved in manipulating the sponsorship deal with City, it could cause serious damage to the company’s reputation in the eyes of potential investors,” a senior figure in the investment banking industry told The Sunday Mirror.
Etihad would also have an obligation to disclose any ongoing investigation into the company’s accounts or conduct before the Initial Public Offering (IPO) was launched.