AssetID: 56069359
Headline: UNCAPTIONED: Manchester City Found Guilty Over 'Sham' Contracts And Misleading Accounts
Caption: Manchester City have been found guilty of financial rule breaches covering the 2009-10 to 2017-18 seasons following a Premier League investigation. An independent commission found City used "sham contracts" and agreements to artificially inflate revenues and reduce costs. The commission described a "disguised funding scheme" involving more than £830 million and found that some sponsorship agreements did not reflect their true economic substance. It found that of £360 million recorded in sponsorship fees during three Premier League-winning seasons, only £43 million was legitimate sponsorship income. The commission also found City guilty of all but one charge relating to non-cooperation and said some club witnesses gave false or dishonest evidence. Manchester City continue to deny wrongdoing, describing the findings as "unsafe" and containing material errors of law, principle and fact. The club has until October 2 to submit an appeal, while any potential sanction will be decided separately by the independent commission. Premier League Chief Executive Richard Masters said the findings showed City had systematically broken league rules for nearly a decade. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Sports,Manchester City,Premier League,Richard Masters,financial rules,sham contracts,sponsorship,Abu Dhabi United Group,Man City,football
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