Manchester City's commercial revenue experienced rapid growth in the years following the club's 2008 acquisition by Sheikh Mansour, vice-president of the United Arab Emirates, who took over the club in 2008. Between 2008 and 2025, the club's commercial income expanded from £25 million to £340 million, a 13.5-fold increase driven largely by sponsorship deals, including a longstanding partnership with Etihad Airways, Abu Dhabi’s national airline. However, from 2018 to 2025, Manchester City's commercial growth slowed significantly compared to rivals Liverpool and Arsenal, whose revenues more than doubled during the same period.
Between 2018 and 2025, Liverpool's commercial income rose from £154 million to £323 million while Arsenal's increased from £107 million to £263 million. City’s commercial revenues grew at a slower pace, from £232 million to £340 million, representing a 46% rise compared with Liverpool’s 110% and Arsenal’s 146% increases.
The Premier League and UEFA initiated investigations into Manchester City's finances in 2018 following Football Leaks revelations. In 2017, La Liga lodged a complaint with UEFA highlighting the club's "uncommonly high commercial revenue," pointing to several sponsors linked directly to entities controlled by the United Arab Emirates. These concerns have persisted amid scrutiny over whether some sponsorship deals were inflated or served as cover for financial support, sparking debates over fair market value in club sponsorships.
In 2024, the Premier League rejected a proposed renewal of City’s lucrative Etihad sponsorship deal, citing concerns that the terms did not reflect fair market value. This rejection triggered a lengthy legal dispute regarding the league’s Associated Party Transaction (ATP) rules. Manchester City ultimately achieved a partial victory, leading to amendments in the ATP regulations, and subsequently dropped their legal challenge.
The club also diversified its sponsorship portfolio, engaging with companies across different sectors including gambling and cryptocurrency. However, some partnerships raised questions about transparency and ownership. In 2021, Manchester City suspended a sponsorship deal with a cryptocurrency firm after doubts emerged about the identities of company executives. Additionally, the club announced a regional partnership with 3Key Technologies, an entity whose executives lacked an online footprint and which was reportedly registered in Seychelles but absent from official company registers.
Questions also surrounded Wega, a partner from 2015 to 2022 offering prepaid debit cards to fans. Investigations revealed Wega had minimal assets and no active staff, leading to its products being withdrawn from public use. The club has declined to comment on the nature of this relationship.
These developments have attracted political attention. Andy Burnham, the Mayor of Greater Manchester, softened previous criticisms of City’s ownership amid calls from the Treasury Committee for HM Revenue and Customs to investigate alleged “sham” sponsorship and image rights arrangements. Dame Meg Hillier MP, chair of the Treasury Committee, requested confirmation that HMRC is examining the findings and called for transparency regarding the case.
Following comments from the prime minister expressing concern about the potential impact on Sheikh Mansour’s ownership amid the ongoing investigation, Downing Street clarified that any wrongdoing must be established through an independent process and that individuals found responsible should face consequences.
David Bernstein, former chairman of the Football Association and Manchester City, expressed apprehension about potential political interference with the Independent Football Regulator, which holds authority to require owners to sell clubs if integrity tests are failed. Bernstein warned that the City case is among the most significant challenges the regulator will confront.
Tax policy experts have speculated that the dispute could involve unpaid taxes estimated at around £12 million, with potential consequences including criminal investigation if wrongdoing is confirmed. The matter continues to develop while Manchester City navigates ongoing scrutiny over its commercial arrangements and regulatory compliance.