ADQ, the Abu Dhabi-based investment company that owns Etihad Airways, is reportedly in discussions with banks about going public as soon as this year. The allegations against City largely revolve around their sponsorship deal with Etihad.
A report by German publication Der Spiegel claims leaked emails suggest the airline was only paying £8m of their official £67.5m obligation to City from the 2012-13, 201314 and 2015-16 seasons, respectively, with the rest coming from the Abu Dhabi United Group.
This would breach financial rules set by both the Premier League and UEFA while it could also suggest a fraudulent conspiracy between City's top brass and Etihad executives, according to one industry source.
City strenuously deny the charges and said they 'look forward to this matter being put to rest once and for all. In a statement issued in February 2023, the club said: "Manchester City FC is surprised by the issuing of these alleged breaches of the Premier League Rules, particularly given the extensive engagement and vast amount of detailed materials that the EPL has been provided with.
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