Not sure how true it is but apparently Etihad gave evidence to the US government when they investigated them for having state support and Etihad stated that “The assertion that the Abu Dhabi government paid for Etihad’s sponsorship of English Premier League football club Manchester City is false. In 2011, Etihad and Manchester City entered into a 10-year sponsorship agreement, which included naming rights for Manchester City’s stadium. Etihad funded this sponsorship from its own liquidity.
We are government-owned and have been since our founding. We are and have always been clear that we do not receive any subsidies from the Abu Dhabi government, and that we are financed through a combination of equity, shareholder and commercial loans. Our shareholder [The Abu Dhabi government]’s equity and loans are not subsidies under any applicable definition; they are the means by which the Abu Dhabi government has sensibly invested in a successful business model.”
Also, City, in their appeal to CAS said that all sponsorship liabilities were paid by the sponsors in question.
They have spun so many deceitful webs that they cannot remember what lies they have relied on before.
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