A £900 million shadow hangs over Manchester City

Manchester City, the most successful team of the last decade, is facing the biggest crisis in Premier League history, while its CEO Ferran Soriano declares “I have nothing to say” after being found guilty of 114 out of 115 charges, which include more than £900 million in irregularities.

The investigation, carried out by an independent commission of legal and financial experts, examined the club’s accounts between 2009 and 2018. After the verdict, Manchester City announced it will appeal the decision, although the stain on its project persists.

Charges and figures

The club was found guilty of 114 of the 115 charges brought by the Premier League, which included fictitious payments, inflating revenue and reducing costs by more than £900 million (≈ 1.050 billion euros). The commission noted that the fictitious commercial agreements with sponsors allowed covert financing.

According to the report, City overstated sponsorship revenue by more than £830 million over eight years. The sponsors, the commission said, only paid a percentage of the fee they owed, while the club recorded the full amount as revenue.

Premier League CEO Richard Masters said Manchester City systematically breached the rules for almost a decade and also showed a lack of cooperation by submitting inaccurate and misleading statements during the arbitration process.

City’s response

Ferran Soriano, City’s CEO, responded to the media with a brief “I have nothing to say” and, in an internal video, described the accusation as a falsehood about alleged owner funds through Abu Dhabi sponsors. Fabrizio Romano spread Soriano’s message on Twitter, emphasizing that the accusation is unique and false.

Manchester City issued an official statement saying it is disappointed and surprised by the commission’s opinion published today, and that it has extensive evidence proving its innocence. The executives reiterated that they will take all legal actions to overturn the decision.

The Premier League has set 2 October as the deadline for the club to submit its appeal, after which the commission will decide the final sanction. The contrast between City’s denial and the seriousness of the findings highlights a legal battle that is yet to be resolved.