UAE warns UK that Manchester City sanctions could affect future investment

  • The United Arab Emirates warned Britain that Manchester City sanctions could affect future investment.
  • The commission said City inflated financial results by more than £900 million ($1.1 billion).
  • The UAE invested more than £30 billion in major UK sectors over five years.

The United Arab Emirates warned the UK government that sanctions against Abu Dhabi-owned Manchester City could affect its appetite for future major British investments, Bloomberg reported. The warning comes as City appeals an independent commission's findings on serious Premier League financial-rule breaches covering the 2009-10 through 2017-18 seasons. The commission's findings, published Sept. 29, said City inflated financial results by more than £900 million ($1.1 billion) through sham contracts. City denies wrongdoing and says the ruling contains material errors of law, principle and fact. The Premier League's wider case included more than 115 alleged breaches, while the commission found City guilty on all financial-breach charges and on three of four cooperation-related charges. The dispute has drawn calls from UK lawmakers and tax experts for further examination, including assertions that City could owe more than £20 million and potentially face a criminal investigation. British officials have grown frustrated with UAE counterparts and believe senior Gulf-state figures must have known about the alleged misconduct, Bloomberg reported. The tensions arise as the UK and UAE seek to maintain a major financial partnership: the UAE has invested more than £30 billion in British defense, life sciences and technology over the past five years. City's appeal will be reviewed by a new three-member appeal board, while any punishment will be handled separately. Possible Premier League penalties include a reprimand, fine, points deduction or expulsion.

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