Man City charges verdict - key findings: 'The Fordham Arrangement' effectively a front for Abu Dhabi United Group

In a damning 40-page document, an independent commission laid bare its findings into Manchester City's breaches of the Premier League's financial rules. Here, Sky Sports takes a look at the key revelations...

Guilty on all serious financial charges

Manchester City were found guilty of all charges related to serious breaches of Premier League financial rules between the 2009-10 and 2017-18 seasons.

The charge that was not proven was regarding one element of the Premier League's non-cooperation case.

'Disguised Funding Scheme'

The independent commission repeatedly concluded that a number of City's commercial agreements were "shams" and "far in excess" of fair market value.

City used a "Disguised Funding Scheme" where Abu Dhabi United Group (ADUG) partially funded sponsorship fees from Abu Dhabi sponsors.

As a result, the club's financial statements showed their commercial income from Abu Dhabi sponsors was £949.94m from 2009-10 to 2017-18.

In reality, the Abu Dhabi sponsors only paid £119.25m to City over that period, and the remaining £830.69m was paid by ADUG.

"By using the Disguised Funding Scheme at the very end of the 2009/10 financial year", the commission's report read, "the club was able to avoid breaking the record for the largest single-season loss in Premier League history".

It was concluded that City's financial statements for the seasons between 2009/10 and 2017/18 "did not show a true and fair view" of the club's financial position.

The commission's report also mentions three separate remuneration agreements that were omitted from City's accounts and paid for by ADUG that were worth nearly £17m.

City tried to 'obscure' realities of scheme

The commission's report shows how City unsuccessfully argued against the Disguised Funding Scheme.

City said Abu Dhabi sponsors were liable for the amounts stated in their financial reports, but from time to time these sponsors would apply for financial support from the Abu Dhabi government.

The commission rejected City's explanation, which it concluded had been "concocted well after the event in an attempt to obscure and conceal the realities of the Disguised Funding Scheme".

The commission used an example of the scheme in action from May 2013.

Faced with falling foul of UEFA's FFP rules following an unexpected shortfall on their books, City generated amended sponsorship agreements that recorded additional Abu Dhabi sponsorship income, despite the sponsors themselves not being approached.

'The Fordham Arrangement'

City used a third party, Fordham, as a device to overstate income by £24.5m and understate expenses by £49.414m.

The commission described 'The Fordham Arrangement' as being "little more than a front for ADUG".

The Fordham Arrangement was, the commission contended, "a further device by which ADUG funds could be paid into the club in a manner that concealed their true origin" and which enabled "the club to remove operating expenses from its financial statements".

The Fordham Arrangement was part of a system called 'Project Longbow' which "was a multi-strand project whose purpose was to explore how the club might boost its revenues and reduce its operating losses".

But while "many of the strands of Project Longbow were genuine, legitimate attempts to achieve those aims. One was not. That was the Fordham Arrangement".

'Dishonest witnesses'

The independent commission heard factual evidence from 27 witnesses over 42 days in the last quarter of 2024, with a core bundle of key documents running to "many tens of thousands of pages".

The commission says the club made concerted efforts to stop and frustrate the investigation.

It also found some witnesses on behalf of the club gave false evidence, while other City witnesses were found by the commission to give knowingly untrue evidence and so had been dishonest.

City 'intended to circumvent PL rules'

The commission found City had breached UEFA and Premier League financial rules, while also ruling that "by its conduct the club clearly intended to circumvent the PL rules".

The Premier League said it regarded City's conduct as having "extremely serious, significant, sustained and intentional or reckless breaches of rules critical to the proper and fair operation of the Premier League's league competition".

Manchester City have confirmed they will appeal against the ruling and have until Friday October 2 to do so.

(c) Sky Sports 2026: Man City charges verdict - key findings: 'The Fordham Arrangement' effectively a front for Abu Dhabi United Group