From MoneyWeek · · 1m 10s
Manchester City Scandal Ends Sportswashing
Premier League club Manchester City found guilty of $1bn financial misconduct threatens global sportswashing deals.
In brief
Premier League club Manchester City found guilty of $1bn financial misconduct threatens global sportswashing deals. Manchester City's $1bn financial misconduct verdict undermines sportswashing by foreign states using sports for reputation gains. Originally reported by MoneyWeek.
Manchester City found guilty
Manchester City football club has been found guilty of serious financial misconduct by an independent commission appointed by the Premier League.
Artificially inflated revenues
The panel found that the club artificially inflated its revenues by at least $1 billion with sham contracts designed to get around the rules.
Oil-rich owners' financial power
Manchester City was using the financial firepower of its oil-rich owners in the United Arab Emirates to outspend rivals.
Sportswashing under threat
Sportswashing, engaging with high-level sport to spruce up a country's reputation, is now under threat.
Global sportswashing examples
Saudi Arabia invested heavily in LIV golf, Qatar spent billions hosting the 2022 World Cup, Russia hosted the 2.018 tournament.
Image tarnished beyond repair
Manchester City's image has been tarnished beyond repair, with no one blaming players or manager for the scandal.
Sportswashing consequences
Countries will be more cautious about backing major global events, risking financial loss and reputational damage.
The essence
Manchester City's $1bn financial misconduct verdict undermines sportswashing by foreign states using sports for reputation gains.
