A German magazine says Manchester City created a shell company for a commercial deal to disguise tens of millions of dollars in income from UEFA investigators.
GENEVA (AP) – A German magazine says Manchester City created a shell company for a commercial deal to disguise tens of millions of dollars in income from UEFA investigators.
Der Speigel cites internal Man City documents to show the team’s holding company, state-backed Abu Dhabi United Group, paid the shell firm to ”buy” player image rights from the club.
Der Speigel says documents detail Man City’s long-term search for ”creative solutions” to hiding expenses and evading UEFA monitoring of spending on players.
Man City risked Champions League expulsion for breaching ”Financial Fair Play” rules.
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The magazine is leading the Europe-wide publication of the ”Football Leaks” documents. It previously reported that Man City threatened to destroy UEFA with legal action before reaching a 2014 settlement to forfeit 20 million euros ($22.8 million) in prize money.
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