Manchester City CEO Vows to Clear Club's Name Amid Financial Rule Breach Ruling
Ferran Soriano insists the Premier League's case is based on a single false accusation, despite the club being found guilty of numerous financial rule violations.
Manchester City Chief Executive Ferran Soriano has issued a defiant video message to staff, vowing to 'clear the club's name' following the Premier League's confirmation that the club was found guilty of serious breaches of its financial rules.
In the message, sent Tuesday, Soriano asserted that the Premier League's entire case against Manchester City rests on a 'single false accusation.' He claimed the club has provided 'irrefutable evidence' to disprove the central charge that the owner's personal funds were secretly channeled into the club through Abu Dhabi-based sponsors.
'This is just not true,' Soriano stated to staff. 'Irrefutable evidence has been provided to the Premier League commission that shows it could not happen and that it did not happen. This includes bank statements, money transfers, witnesses and everything necessary to categorically demonstrate the money did not come from the owner.'
He further contended that all other charges leveled against the club stem from this 'simple, central and completely false accusation.'
The Premier League's statement on Tuesday detailed findings that Manchester City had arranged 'sham contracts' with commercial partners to artificially inflate revenues and reduce costs. The league also stated that the club falsely altered its financial picture by approximately £900 million. According to the Premier League, deals with several sponsors were part of a 'disguised funding scheme,' with Abu Dhabi United Group Investment & Development Ltd (ADUG), the club's owner, funding the remainder after sponsors paid only a portion of their agreed fees.