Manchester City has been found guilty by the Premier League of artificially inflating revenues and concealing costs through a series of shams involving commercial contracts and image rights arrangements spanning nearly a decade. The ruling centers on the club’s use of coordinated agreements with sponsors and a company known as Fordham Sports Image Rights, which was effectively controlled and funded by the club’s then owners, Abu Dhabi United Group (ADUG).
According to the Premier League’s findings, between 2009 and 2018 Manchester City boosted its reported income by more than £830 million through agreements that the league described as “sham” arrangements designed to circumvent financial regulations. These deals enabled the club to record significantly lower operating expenses than it actually incurred, artificially reducing its wage bills and inflating reported revenue.
Key to the case was the role of Fordham, a company to which City claimed to have sold their players’ image rights for £24.5 million to comply with financial fair play rules in the 2012-13 season. The Premier League’s statement identified Fordham as part of a “sham circular arrangement” funded by ADUG that effectively masked the true source of income and payments. Although Fordham appeared as an independent entity, it was managed by City directors and financed by the club’s owners, enabling the club to pay player image rights while disguising the financial reality.
The Premier League’s investigation also detailed that sponsorship income reported by Manchester City was significantly supplemented by payments from ADUG that were not transparently disclosed. Over the nine-year period, sponsorship revenue was inflated by hundreds of millions of pounds through these undisclosed injections, further distorting the club’s financial statements.
Manchester City has strongly denied the allegations, describing the Premier League’s ruling as flawed and based on “clear material errors of law, principle and fact.” The club maintains it has submitted “irrefutable evidence” to support its position, including bank statements and witness testimony, and has announced its intention to appeal the decision. Club CEO Ferran Soriano emphasized that the case rests on an “entirely false accusation” that the owner’s personal funds were passed covertly into the club via sponsors, a claim City rejects outright.
The ruling has drawn reactions from various quarters. Former England player Ian Wright called the findings “cheating on an industrial scale,” urging unprecedented sanctions. Meanwhile, UK Culture, Media and Sport Secretary Lisa Nandy underscored the seriousness of the matter and the implications for the integrity of football, while also affirming the club’s right to a fair appeal process.
The Premier League’s investigation has been described by some as one of the most complex and protracted cases in football’s recent history, reflecting years of intense scrutiny of Manchester City’s financial practices. The club’s owners have previously been portrayed in public relations campaigns as benefactors committed to transparency and sporting integrity, but the league’s verdict challenges that narrative.
As the appeal process unfolds, Manchester City remains suspended from domestic competition sanction announcements, while the Premier League continues to enforce strict financial governance rules aimed at ensuring level competition across English football. The outcome of the appeal will be closely watched by stakeholders across the sport, as it may set significant precedents for how football finances are regulated and enforced going forward.