UAE may halt UK investments after Manchester City guilty verdict
Summary
The United Arab Emirates (UAE) may stop or reduce its large investments in the UK after Manchester City football club was found guilty of breaking Premier League financial rules. The Premier League said Manchester City used fake deals to hide money from their owner, Abu Dhabi United Group, who is from the UAE.Key Facts
- Manchester City was found guilty by an independent commission of 114 out of 115 charges for breaking financial rules between 2009 and 2018.
- The club was accused of creating fake commercial deals to cover up payments from its owner, Abu Dhabi United Group (ADUG).
- The UAE warned the UK government that these Premier League actions might affect investment and relations between the two countries.
- The UAE might withdraw a large investment planned for a UK tech hub similar to Silicon Valley.
- Manchester City is appealing the verdict, stating the ruling has serious errors and they deny wrongdoing.
- UK government officials expressed concern about the verdict but also about the possibility of the club’s owners selling the team.
- Manchester City’s chairman met a UK business official shortly before the Premier League announced the verdict.
- The Premier League described the club's sponsored deals as a "sham" and called the witnesses dishonest.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
