Connect with us

Sports

How Manchester City boosted finances – Documents

Published

on

How Manchester City boosted finances - Documents

When football’s governing body in Europe began to get tough on the sport’s finances from 2009 onwards, English club Manchester City came up with a two-pronged counter-attack.

According to a trove of documents relating to football, one Manchester City plan was to get more money from sponsors, another was to offload some costs relating to players’ image rights.

In both cases, the club’s owner, an Abu Dhabi royal, would foot some of the bill, according to “Football Leaks” documents obtained by the German publication Der Spiegel.

The documents were reviewed by Reuters in partnership with European Investigative Collaborations, a consortium of media organisations.

In 2009, the executive committee of the sport’s governing body in Europe, the Union of European Football Associations (UEFA), approved introducing Financial Fair Play rules.

This was to prevent clubs piling up too much debt and super-rich owners dominating the game.

The rules were implemented from 2010 onwards.

Under those rules, sponsors, suppliers or other commercial partners related to the owner of a club must pay only a market rate in transactions with that club.

Related parties cannot simply funnel in unlimited money on behalf of the owner.

Breach of the rules can lead to clubs being banned from UEFA competitions.

On November 2, Reuters reported how UEFA’s regulatory arm, the Club Financial Control Body (CFCB), took the view that some Abu Dhabi sponsors of Manchester City were related parties.

It also submitted that their deals with the club were above market rates.

The club disputed that view, and UEFA’s control body ultimately allowed Manchester City to record the sponsorship deals at favourable levels that boosted its income.

Today Reuters details new information from emails and other documents relating to further arrangements involving Manchester City.

The club was bought by Sheikh Mansour bin Zayed Al Nahyan, half-brother of the ruler of Abu Dhabi, in 2008.

Those arrangements boosted the club’s finances by tens of millions of pounds, helping it to buy star players.

Manchester City said in a statement responding to questions last month: “We will not be providing any comment on out-of-context materials purported to have been hacked or stolen from City Football Group and Manchester City personnel and associated people.

“The attempt to damage the Club’s reputation is organised and clear.”

The club did not respond to further questions put this month.

The club said in an April 2014 response to UEFA investigators about sponsorship that it had complied with the rules and “adopted a good faith and correct interpretation of the regulations.”

UEFA said in an emailed response to Reuters that it could not comment on specific cases due to confidentiality obligations.

The UEFA control body chairman declined to comment, citing confidentiality obligations.

In an overall statement about the Financial Fair Play rules, UEFA said the rules were there to help clubs become financially sustainable.

It also said it was “very satisfied” with how they had been applied and the results achieved, noting an improvement in the finances of European football clubs.

“No system is perfect but on the whole FFP (the Financial Fair Play regime) has increasingly protected European football from financial difficulty since its introduction in 2010,” UEFA said.(Reuters/NAN)

Sports

Lamar Odom discloses he used fake penis to pass drug test for Olympics

Published

on

 

Lamar Odom has revealed he went to great lengths to play for USA Basketball at the Olympics, using a prosthetic penis to help him pass a drug test.

Lamar comes clean about how he was able to pass the test despite smoking weed on the daily in the summer of ’04 in his soon to be released book, “Darkness to Light”, where he says, “We started googling ‘fake penises’ and studied different ways to beat a drug test.”

“After an exhaustive search we ordered a giant, rubber, black c*** to arrive the next day,” Odom writes in an expert first provided to People … “I unzipped my pants and carefully slid the fake penis through the zipper hole. To get the pee to come out of the tip, I had to squeeze the shaft repeatedly.”

Lamar admits he was “paranoid” the fake penis ruse wouldn’t work once the official tester took the sample at Odom’s home … but he passed with flying colors and was soon heading to Greece with the rest of Team USA.

Unfortunately, Lamar couldn’t help the Americans win the gold medal … in one of our nation’s most embarrassing Olympic moments, a team full of NBA superstars came home with the bronze.

TMZ

 

Continue Reading

Sports

Marcus Rashford delays new contract talks over club’s performance under Solskjaer

Published

on

 

Marcus Rashford wants to assess Manchester United intent on rejoining football’s elite before signing his new contract.

United wants the England striker to commit beyond the next two seasons, after which he can move for just training compensation.

But it is understood Rashford wants to be sure the club are heading in the right direction after dropping out of the Premier League top four.

Rashford has played in the Champions League in the last two seasons but will back in the Europa League – the competition he made his explosive debut in three years ago – following United’s end-of-season slump.

Ole Gunnar Solskjaer will start the rebuilding process this summer and the United boss is looking at exciting young players rather than the marquee signings of the post-Alex Ferguson era.

“Next season we need to get back to how Manchester United play, for me that’s most important,” Rashford wrote this week on social media.

“We need to find that willingness and respond the right way.”

Sun UK

 

 

Continue Reading

Sports

Former WWE superstar, Ashley Massaro dies at 39

Published

on

 

Former WWE superstar, Ashley Massaro, has died at the age of 39. She was rushed to the hospital from her home in Suffolk County, New York where she died on Thursday morning.

Officials would not reveal the cause of death at this point, it’s being classified as “non-criminal.”

Massaro famously won the WWE’s “2005 Raw Diva Search”, which included a $250,000 1-year contract.

She went on to become a valet for WWE tag team champions Paul London and Brian Kendrick.

Her most high-profile matches including a WWE Women’s Championship against Melina at Wrestlemania 23 in 2007, and a Playboy BunnyMania LumberJill match at Wrestlemania 24 the following year.

Massaro appeared on “Survivor: China” in 2007, but she was voted off on the second episode of that series.

She also appeared on the April 2007 cover of Playboy Magazine, which she revealed on an episode of “Smackdown.”

Continue Reading

Trending