Manchester City accept UEFA financial sanctions
MANCHESTER City FC has entered into a compromise agreement with European football’s governing body UEFA over breaches of Financial Fair Play rules.
The penalties to be imposed by UEFA include a €60m fine (£49m), though €40m will not be imposed if City balance the books, a transfer cap for the current year, and squad restrictions for the European Champions League competition 2014-15.
The club, which stressed that it is on track to break even in the current financial year (May 31), said there had been a “fundamental disagreement” with UEFA over the interpretation of the rules.
In a statement the club, owned since 2008 by Abu Dhabi-based Sheikh Mansour, said it operates with no debt and is “realising its football and commercial opportunities whilst continuing unprecedented investments in both youth development and the local community”.
It added: “In normal circumstances, the club would wish to pursue its case and present its position through every avenue of recourse.
“However, our decision to do so must be balanced against the practical realities for our fans, for our partners and in the interests of the commercial operations of the club.”
Sheikh Mansour has bankrolled huge investment not only in the playing squad – the team has won the Barclays Premier League twice in the last three years – but also in East Manchester, where a £100m-plus new training facility and academy is being built.
Internationally the club is at the heart of the City Football Group – in the US, New York City FC has been launched to compete in Metro League Soccer, while a team has also been acquired in Melbourne.
