Still spent more than €400 million: financial scandal around Manchester City is getting worse
For Manchester City, the air is getting ever thinner after the major financial scandal. A new report is now raising additional questions about the club's conduct.
The guilty verdict against Man City on almost all charges, which the Premier League made public on Tuesday, has put English football on edge. There are now signs that the Skyblues' hierarchy may have acted even more negligently than first thought. According to information from ESPN, City were informed as early as July about the findings of the independent panel that was to make a recommendation on the verdict.
That means City are said to have known for months about the possible consequences. The club face, among other things, heavy fines, a transfer ban and, in the worst-case scenario, even enforced relegation. Despite that, Manchester City invested a total of more than €500 million in new players in the summer, even setting a new record for the most expensive transfer window in football history.
Despite looming sanctions: Manchester City spend record sum on transfers
More than €300 million alone went on Enzo Fernandez (€145 million), Elliot Anderson (€125 million) and Ayyoub Bouaddi (€95 million). According to ESPN, only the Anderson transfer is said to have been completed before the information about the impending verdict. City then still spent more than €400 million on further transfers.
The case centres on alleged breaches of the Premier League's financial rules between 2009/10 and 2017/18. An independent commission found City guilty on 114 charges. The club are alleged, among other things, to have artificially inflated revenue through sham contracts, reduced costs and falsified financial reports. According to the allegations, the total amount involved is around £900 million.
City reject the allegations and have announced that they will exhaust all legal remedies. What sanctions will ultimately be imposed remains open. Possible punishments include fines, points deductions, the stripping of titles and, in the most extreme case, enforced relegation. The Premier League want to move the proceedings on quickly, although the hearing on the sanctions is to remain confidential.
