Manchester City Finances Allegedly Inflated by More Than £900m, Independent Commission Finds

Manchester City’s long-running financial case has taken another dramatic turn after the independent commission found that the club’s reported revenues were artificially inflated and its costs understated by more than £900 million.

The findings relate to the period between the 2009/10 and 2017/18 seasons, during which the commission concluded that City used a series of arrangements that misrepresented the club’s true financial position. The Premier League confirmed on Tuesday that City were found guilty of all charges relating to serious financial breaches during the nine-season period.

Among the most significant findings was the treatment of approximately £830.69 million. According to details from the commission’s decision, that money was recorded as commercial income despite allegedly representing equity contributions from Abu Dhabi United Group (ADUG), the investment group linked to City owner Sheikh Mansour.

The commission also identified several instances where expenses were allegedly understated, including figures of £8.866 million, £7.4 million and £500,000.

Another major element was the so-called “Fordham arrangement”, which the commission found had the effect of adding approximately £24.5 million in allegedly inflated operating income. A further £49.414 million in operating expenses was also excluded from the club’s reported figures.

Taken together, the figures indicate that City’s accounts were allegedly adjusted in ways that inflated revenues while reducing reported costs by more than £900 million. Reuters and the Financial Times both reported that the commission concluded City had artificially boosted its finances on this scale through arrangements including disguised owner funding and allegedly sham commercial agreements.

The Premier League said the commission found that City arranged “sham” contracts with commercial partners, filed misstated accounts and concealed the true state of their finances from auditors and football regulators. It also found City significantly breached both Premier League and UEFA spending regulations.

City have strongly rejected the findings. The club said it was “disappointed and surprised” by the commission’s decision and maintains that it possesses evidence supporting its position. City have the right to appeal, with the deadline set for October 2, 2026.

No sporting or financial sanction has yet been imposed. A separate process will determine the punishment, meaning the consequences for Manchester City remain unresolved while the club prepares its appeal.

The verdict therefore represents a major development in one of English football’s most significant financial cases, but the legal battle is not yet over.