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Man City accused of misleading Premier League over finances


Manchester City was accused by the Premier League on Monday of providing misleading information about its finances over a nine-year period when the club was attempting to establish itself as a force in English and European soccer following its takeover by Abu Dhabi’s ruling family.

The explosive development came after a four-year investigation by the world’s most popular soccer league in the wake of leaked club emails and documents from City officials, published by German magazine Der Spiegel in 2018. The documents showed the extent of the schemes to allegedly cover up the true source of income in a bid to comply with financial regulations.

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The Premier League has financial fair play rules designed to ensure clubs essentially spend what they earn from deals that are assessed for being at legitimate market value. The case could lead to a fine or a worse punishment, like a deduction in points.

The league released a long statement detailing a list of about 80 alleged breaches of its financial rules by City from 2009-18, the first nine full seasons under Abu Dhabi ownership. In that time, the team won three Premier League titles — in 2012, 2014 and 2018 — in what has become the most successful period in City’s 143-year history.

The league also accused City of 30 more breaches relating to its alleged failure to cooperate with the investigation since December 2018.

The breaches were referred to an independent commission, which will be made up of three judges appointed by a lawyer who chairs the league’s judicial panel. The commission’s hearing will be held in secret and there is no timetable for a verdict.

In a statement, City said it was “surprised” by the allegations, “particularly given the extensive engagement and vast amount of detailed materials that the EPL (English Premier League) has been provided with.”

“The club welcomes the review of this matter by an independent commission to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position,” City said. “As such we look forward to this matter being put to rest once and for all.”

The league has accused City of breaching rules requiring provision “in utmost good faith” of “accurate financial information that gives a true and fair view of the club’s financial position” between 2009-18 and failing to give “full details of manager remuneration in its relevant contracts” from 2009-13. Roberto Mancini was manager during that period.

The third and fourth offenses are a failure to comply with UEFA regulations from 2013-18 and the Premier League’s profitability and sustainability rules from 2015-18.

For the fifth offense, City is accused of breaching rules requiring clubs to “cooperate with and assist the Premier League with its investigations” from December 2018 to the present day.

City, the defending Premier League champion and a team owning some of the world’s top players like Erling Haaland and Kevin De Bruyne, could be at risk of severe punishment. The league’s rule book gives a disciplinary commission powers to impose a range of sanctions plus the wider scope of “such other penalty as it shall think fit.”

A large fine seems inevitable if the charges are proven. Also in play is a point deduction, a title nullified or even being expelled from the Premier League, according to league rules.

City never disputed that the documents leaked by Der Spiegel were authentic, but has argued the evidence was stolen and reported out of context.

While City was under investigation by the Premier League, the club had a two-year ban from European club competitions overturned by the Court of Arbitration for Sport in 2020 after UEFA ruled City committed “serious breaches” of financial fair play regulations from 2012-16. That case arose on the back of the leaked information, too.

The published evidence appeared to show City deceived UEFA by overstating sponsorship deals from 2012-16 and hid the source of revenue linked to state-backed companies in Abu Dhabi.

As for Mancini, the evidence in Der Spiegel showed he doubled his base salary of 1.45 million pounds (now $1.75 million) for advising a club in Abu Dhabi.

City was not fully cleared of wrongdoing in the UEFA case, though CAS said some of the allegations were not proven or could not be judged because of a statute of limitations in UEFA rules. There are no such time limits on the finances under investigation by the Premier League.

CAS also fined City 10 million euros (then $11.3 million) for failing to cooperate with investigators. The club’s “blatant disregard” should be “strongly condemned,” the court’s judges said.

City has been transformed into an English soccer power since being bought in September 2008 by Sheikh Mansour bin Zayed Al Nahyan, a deputy prime minister of the United Arab Emirates and a member of Abu Dhabi’s royal family.

A report from Deloitte last month said Man City generated the highest revenue of any club in the world — totaling 619.1 million pounds ($745 million) in the 2021-22 season.

Under its Abu Dhabi ownership, City — which previously lived in the shadow of neighbor Manchester United — has won six Premier League titles, two FA Cups and six English League Cups.

The team is in second place in the Premier League midway through this season, five points behind Arsenal having played one game more.

Read more: Saudi football league appoints ex-Man City boss as CEO

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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