From BBC Sport · · 1m 20s
Manchester City's Financial Scheme Exposed
Premier League rules breached as City's hidden funding scheme revealed.
In brief
Premier League rules breached as City's hidden funding scheme revealed. Manchester City's owners hid £830m in sponsorship funds through fake contracts to avoid financial rules. Originally reported by BBC Sport.
Sham Contracts Ruled
Manchester City found guilty of all financial rule breaches by Premier League.
“To cheat, trick, deceive, delude with false pretences; to impose upon, take in, hoax.”
Eight Times 'Sham' Used
The ruling mentions 'sham' eight times to describe City's financial deception.
Abu Dhabi Owners Knew
City's owners knew from 2009-10 they would face major overspends to compete.
Record Losses Expected
City faced record losses exceeding £140m in 2009-10 season.
Disguised Funding Scheme
Sponsorship deals split into base fees and tagged sums paid by owners.
£830m Hidden Funding
The scheme hid £830m in sponsorship funds while £90m in expenses were concealed.
Project Longbow
City launched Project Longbow to boost revenue and reduce losses without breaking rules.
Fordham Arrangement
Fordham was a front to hide £24.5m in funds from players' image rights.
Hidden Player Contracts
City paid £8.866m, £7.4m, and £0.5m through third parties for contracts.
Lied During Inquiry
City's witnesses provided false evidence to hide financial misconduct.
Total Fraud Amount
The scheme hid £920.68m in financial misstatements across all methods.
In short
Manchester City's owners hid £830m in sponsorship funds through fake contracts to avoid financial rules.
