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City verdict becomes diplomatic row as UAE warns UK over investments
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๐ฐ The UAE has warned the UK government it could pull investment over Manchester City's guilty verdict, turning the case into a diplomatic row.
๐ Key points
๐ The Telegraph and Bloomberg report the UAE warned of an impact on bilateral ties.
๐ท The UAE has invested more than ยฃ30bn in the UK over the past five years.
๐๏ธ A multibillion-pound Oxbridge tech hub investment is reportedly at risk.
๐๏ธ Downing Street said there can be no suggestion anyone is above the rules.
โ๏ธ City have appealed, and sanctions will be set at a separate hearing.
๐ What happened
๐ฐ According to Bloomberg and the Telegraph, Emirati officials warned that the Premier League's actions could influence the bilateral relationship. City owner Sheikh Mansour is the brother of the UAE president, and chairman Khaldoon Al Mubarak is also a UAE government figure.
๐ฐ The investment said to be at risk is a Silicon Valley-style technology hub linking Oxford and Cambridge. The UAE has put more than ยฃ30bn into UK sectors including defence, life sciences and technology.
๐ฃ๏ธ Prime Minister Andy Burnham had earlier said he would be "really concerned" if the UAE sold City. Downing Street, however, called the judgment "serious" and said nobody is above the rules.
๐ The independent commission found City arranged sponsorship deals that formed a "disguised funding scheme" and inflated their financial results by more than ยฃ900m. City have appealed, claiming errors of law and fact.
๐ By the numbers
โข UAE investment in the UK: over ยฃ30bn in five years
โข Inflation of City's results found by the commission: over ยฃ900m
โข City's appeal lodged: 1 October
๐ญ Why it matters
With a disciplinary case now tangled up in state investment, the pressure on both the Premier League and the government is growing. The two countries are due to meet at an investment summit later in October, where the issue could surface. On the pitch, City travel to Liverpool on 11 October.
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