From the Guardian · · 1m 20s
Ultra-rich face accountability
Billionaires face first real consequences after NBA and football clubs get caught cheating.
In brief
Billionaires face first real consequences after NBA and football clubs get caught cheating. Manchester City and Los Angeles Clippers were punished for financial misconduct, showing billionaires can be held accountable. Originally reported by the Guardian.
Billionaires face accountability
The ultra-rich face accountability after Manchester City and Los Angeles Clippers were caught cheating on financial regulations.
Clippers fined $30m for salary cap breach
The Los Angeles Clippers were fined $30m and docked five first-round picks after owner Steve Ballmer paid Kawhi Leonard $28m off the books.
Ballmer suspended for one year
Steve Ballmer, the ninth richest man in the world, was suspended from the Clippers for a year after the NBA investigation.
Manchester City faces 100+ charges
Manchester City has been found guilty of more than 100 charges of cheating the Premier League’s financial regulations from 2009 to 2018.
Clippers initially denied findings
The Clippers issued a statement rejecting the NBA’s findings as a biased investigation seeking to justify a predetermined narrative.
Manchester City still denies guilt
Manchester City insists on their innocence while taking an aggressively defiant posture against the Premier League’s findings.
UAE ownership at risk
The Abu Dhabi ownership of Manchester City will emerge bruised after years of appeals and lawsuits, tarnishing their soft power PR play.
The short version
Manchester City and Los Angeles Clippers were punished for financial misconduct, showing billionaires can be held accountable.
