Man City guilty of all charges related to financial breaches – Premier League
Manchester City have been found guilty of all charges related to breaches of Premier League financial rules between 2009-10 and 2017-18 by an independent commission, the league has said.
The Premier League said the independent commission found City arranged ‘sham’ commercial deals with a number of its sponsors during the period, which were part of a disguised funding scheme, whereby those companies were only required to pay a portion of the relevant sponsorship fees.
The commission found that the remainder was funded by Abu Dhabi United Group Investment & Development Ltd (ADUG), which owned the club.
The league said that now the charges have been proved, the issue of sanction will be addressed separately in a further hearing with the independent commission.
The club has the right to appeal the independent commission’s findings and October 2 to exercise that right.
Further “sham arrangements” the club were found to have entered into enabled the club to record lower operating expenses than they actually incurred, the Premier League’s published statement said.
The scheme was found to have inflated the club’s revenues and reduced their costs by more than £900million during the affected period.
The commission found the club had therefore filed misstated accounts and concealed the true state of its finances from its auditors and football regulators.
The commission concluded that “by its conduct the club clearly intended to circumvent the Premier League rules.”
Published: by Radio NewsHub