- The organizing body of the top-level English men’s league said this included its rule that clubs must provide it with accurate financial information representing a “true and fair view of the club’s financial position,” particularly relating to revenue.
- This was alleged to have been breached in each season from 2009-10 to 2017-18.
LONDON — The English Premier League on Monday announced it has referred soccer club Manchester City to an independent commission over alleged breaches of its financial rules.
The organizing body of the top-level English men’s league said this included its rule that clubs must provide it with accurate financial information representing a “true and fair view of the club’s financial position,” particularly relating to revenue.
This was alleged to have been breached in each season from 2009-10 to 2017-18.
The Premier League also claimed the club had failed in its duty to provide full details of manager remuneration, during the 2009-10 to 2011-12 seasons, and on player remuneration, from the 2010-11 season to 2015-16 season.
It further alleged the club had failed to cooperate or assist with its investigations into the matter over the last four years; and had breached Union of European Football Associations (UEFA) Club Licensing and Financial Fair Play Regulations between 2013 and 2018.
A commission will be held in private, with members appointed by the chair of the Premier League Judicial Panel.
The club told the BBC in a statement: “Manchester City 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 [English Premier League] 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.”
Angus Buchanan, managing director of London-based group The Sports Consultancy, told CNBC the timing was unlikely a coincidence given the impending publication of a government review, due on Wednesday, covering the reform of football governance. The paper is expected to recommend an independent regulator to monitor club ownership and funding.
Manchester City is owned by Sheikh Mansour bin Zayed Al Nahyan through his Abu Dhabi-registered firm Newton Investment and Development LLC, the majority shareholder in holding company City Football Group.
In 2022, the club won the Premier League for the fourth time in the last five years.
A spokesperson for Manchester City was not immediately available for comment when contacted by CNBC.
Source: Business - cnbc.com
