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re: Manchester City 'hid' £30m from UEFA FFP investigators. Football leaks going crazy

Posted on 11/5/18 at 11:34 am to
Posted by StraightCashHomey21
Aberdeen,NC
Member since Jul 2009
125476 posts
Posted on 11/5/18 at 11:34 am to
quote:

According to a batch of alleged hacked emails by whistle blowers Football Leaks reported in Der Spiegel, claims have been made that Sheikh Mansour picked up the tab for large parts of agreements with club sponsors as part of attempts by City officials to comply with Uefa's Financial Fair Play (FFP) regulations.

Doubts over the authenticity of the deals, with companies based in the Sheikh's Abu Dhabi homeland, have long been raised - and, if proved to be genuine, a series of messages suggests all may not be as it seems.


quote:

In 2010, one of the allegedly hacked emails reportedly from board member Simon Pearce, communicating with bosses, allegedly discusses a £15m deal with partner Aabar. 'As we discussed, the annual direct obligation for Aabar is £3m,' he allegedly wrote. 'The remaining £12m requirement will come from alternative sources provided by His Highness.'

Der Spiegel say that single sentence confirms accusations that Sheikh Mansour personally paid a portion of sponsorship money.


quote:

In another allegedly hacked message, City's chief financial officer, Jorge Chumillas, allegedly wrote that the club was facing a £9.9m shortfall to comply with FFP thanks to the contract termination of sacked former manager Roberto Mancini.

Mancini was sacked in 2013, a year to the day after winning the Premier League title. His giant pay-off meant yet more expenditure on City's books that had to be covered by income under UEFA rules.

He adds: 'I think that the only solution left would be an additional amount of AD (Abu Dhabi) sponsorship revenues that covers this gap.'

According to the report, Chumillas goes on to suggest sponsors Etihad pay an extra £1.5m, Aabar £0.5m and the tourism authority £5.5m.



quote:

In a further reported email exchange, it is alleged Chumillas asks Pearce if they can change the date of payment from Abu Dhabi sponsors. Pearce responds: 'Of course, we can do what we
want.'


quote:

Der Spiegel go on to allege that City's financial reports are 'a web of lies'. They say that in another email Pearce allegedly writes that stadium and jersey sponsor Etihad Airways 'direct contribution remains at a constant £8m' which does not appear to tally with the actual obligation of £35m.The publication claims that annually, the deal was worth £67.5m but say that Chumillas is alleged to have written to Pearce: 'Please note that out of those £67.5m, £8m should be funded directly by Etihad and 59.5 by ADUG.' ADUG stands for the Abu Dhabi United Group – City's ownership vehicle.

quote:

The report ends by alleging that internal City calculations noted that by May 2012, when the club won the Premier League, a total of £127.5m had been used to supplement Abu Dhabi partnership deals.


these people are scum
Posted by McCaigBro69
TigerDroppings Premium Member
Member since Oct 2014
45088 posts
Posted on 11/5/18 at 11:37 am to
We all knew this happened back when it did. I don’t understand the outrage that is just coming back now

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