Just hours after the Premier League charged Manchester City with over 100 financial rule breaches in early 2023, chairman Khaldoon al-Mubarak met UK finance minister Jeremy Hunt. Al-Mubarak, also chief executive of Mubadala, Abu Dhabi’s sovereign investment fund, raised football despite Treasury guidance to avoid the topic. He framed it as an attack on an Abu Dhabi asset by an unregulated cartel. Hunt stressed Premier League independence but the issues remained entangled.
The mingling of state matters with football illustrates how City’s state-backed ownership has reshaped sport, affecting international relations and investment. A recent independent commission report found City used sham contracts to inflate income and reduce costs. The UK government now balances protecting institutional independence with maintaining ties to a key Gulf ally.
Owned by Sheikh Mansour since 2008, City anchors a global football empire of a dozen clubs. Backed by his funding, the team broke the elite’s grip, delivering iconic moments like Sergio Agüero’s 2012 title-winning goal. The club also anchored a wider Abu Dhabi regeneration project in Manchester. David Bernstein, former City chair, asks: is City too big to fail?
Source: Financial Times Companies · Summarized by HeadlinesBriefing