UAE threatens UK investment over Manchester City
Shafaq News- Manchester
UAE officials have warned the UK government that the severity of Manchester City’s eventual punishment could reduce the UAE’s “appetite” for future large-scale investment commitments in Britain, Bloomberg reported.
The outlet said City chairman Khaldoon Al Mubarak met UK Business Secretary Jonathan Reynolds at Downing Street on September 14 in his capacity as chief executive of Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, to discuss UAE investment in Britain. British officials cited by Bloomberg said he did not raise Manchester City’s case.
UK Prime Minister Andy Burnham told the BBC on September 30 that he would be “really concerned” to lose City’s Abu Dhabi owners, citing their investment in Manchester and the club. Downing Street later said the initial judgment against City was serious and that there could not be any suggestion that “anyone is above the rules.”
The Telegraph separately said the UAE was threatening to scrap billions of dollars in prospective private investment for a high-tech development hub between Oxford and Cambridge.
On September 29, an independent commission found Manchester City guilty of all charges relating to serious breaches of Premier League financial rules over the 2009/10 to 2017/18 seasons and most charges concerning failures to cooperate with the league’s investigation. The commission said City used “sham” commercial arrangements to artificially inflate revenues and reduce costs by more than $1.2 billion during the period.
The club lodged an appeal on October 2, with the independent Appeal Board hearing to remain private and confidential until publication of the outcome is permitted.
