The Associated PressGENEVA (AP) — Manchester City created a shell company for a commercial deal to disguise tens of millions of dollars in income from UEFA investigators, according to club documents cited by a German magazine.
Der Spiegel cites internal Man City correspondence to show the team’s holding company, state-backed Abu Dhabi United Group, paid the shell firm to “buy” player image rights from the club.
The magazine reported that Man City officials detailed a long-term search for “creative solutions” to hiding expenses and evading UEFA monitoring of spending on players.
Man City risked Champions League expulsion in 2014 if a UEFA club finance panel had found it had severely breached “Financial Fair Play” rules, designed to curb overspending on player costs. Critics say FFP protects storied clubs from ambitious rivals with new and wealthy owners.