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UAE warns Manchester City sanctions could affect future UK investment
The UAE warned the UK government that sanctions against Manchester City could reduce its interest in making major future investments in the UK. The club denied wrongdoing despite being found responsible for allegations that it breached the Premier League’s financial rules.
As the UK and the UAE seek to protect their financial ties, the possibility of sanctions against Abu Dhabi-owned Manchester City has prompted a warning over the Gulf state’s future investments.
The UAE told the UK government that sanctions against Manchester City could affect its interest in making major future investments in the UK. Over the past five years, the UAE has invested more than £30 billion in key UK sectors, including defence, life sciences and technology.
Financial allegations in the commission’s findings
The findings of an independent commission published on 29 September said the club had artificially inflated its financial results by more than £900 million, approximately $1.1 billion. The findings also said that Manchester City had used “false contracts.”
Manchester City denied the allegations of wrongdoing. The Premier League confirmed this week that the club had been found responsible for all the charges relating to financial rule breaches between the 2009-10 and 2017-18 seasons.
British lawmakers and tax experts called for a more comprehensive investigation. They argued that Manchester City could owe more than £20 million and could face a criminal investigation.
Impact on UK-UAE relations
UK government officials have grown increasingly concerned during their contacts with their counterparts in the UAE. It was also suggested that senior figures in the Gulf state may have been aware of the scale of the alleged financial irregularities.
Manchester City was found responsible for all charges relating to serious breaches of the Premier League’s financial rules.
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