Man City's 115 charges latest: Fresh evidence set to emerge which could have huge implications for Premier League side
WHAT HAPPENED?
The 2023 Treble-winners face allegations over breaching FFP in multiple instances, with Etihad Airways thought to play a huge role in said breaches. German outlet Der Spiegal (via The Mirror) has claimed that the Emirati airline paid just £8 million ($10.1m) of their £67.5m ($85.3m) obligation to City, with the rest made up by disguised equity funding from the club's owners. However, the recent decision to float Etihad Airways on the stock exchange, per The Mirror, may suggest these claims are not true.
THE BIGGER PICTURE
According to reports in the Middle East cited in The Mirror's report, the airline's decision to be floated on the stock exchange would require an Initial Public Offering. This would involve Etihad allowing full disclosure of their accounts, including all financial affairs and corporate practices. Stock market insiders believe that this unrestricted access would not be provided if Etihad - and by extension, City's owners - had anything to hide. In other words, if fraud had been committed, as has been suggested
WHAT WAS SAID
A senior figure in the banking industry is quoted in The Mirror's article as saying: "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. Etihad would also have an obligation to disclose any ongoing investigation into the company’s accounts or conduct before the IPO was launched.
"What the Premier League are alleging is extremely serious, not just in terms of football’s rules and regulations. The accusation is that City executives have colluded with officials from Etihad and have lied not only to the club’s independent auditors but to the Court of Arbitration for Sport.
“By extension, that also calls into question what information was disclosed by City’s owners to Silverlake before the American private equity firm bought a significant stake in the club in 2019. That’s why the Premier League’s allegations go way beyond accusing City of failing to meet Profit and Sustainability Rules.”
WHAT NEXT FOR CITY?
The Premier League champions continue to maintain their innocence and they will feel this evidence will have major implications in them beating the 115 charges to their name. An approximate hearing date for the trial into City's alleged wrongdoings was set for late autumn of this year, at the earliest.
