Man City FFP: ‘Nothing to see here’ as City boost PSR coffers by £210m as Premier League fears grow

Manchester City have had a cash injection of £210m but there’s “nothing to see here” as the champions do battle with the Premier League over their 115 alleged breaches of financial fair play.

City face a points deduction and even possible expulsion from the Premier League for the supposed breaches and their case will be heard by an independent commission later this year.

A Companies House submission on 28 August confirmed City Football Group (CFG) – the owners of Man City – have issued £210million of A Preference Shares.

Keith Wyness, the former Everton CEO who now runs a football consultancy advising elite clubs, responded to the influx of cash and dismissed it as mere “housekeeping” , insisting it’s not a sign of a new investor.

Wyness told Football Insider : “It means nothing, really.

“It will help with the PSR issues, it will help clear debt. It’s just a bit of housekeeping, so there’s nothing major to look at in that transaction.

“It’s not like there is a new investor or minority partner coming in. This will be just tidying up the books to a degree. I think there’s nothing really to see here.”

But it is certainly a sign of the financial strength of the top flight club, an issue that will currently be concerning the Premier League ahead of their legal battle.

The Premier League has been ordered to pick up the majority of the tab for their fight with Everton last year after officials tried to force the Toffees to settle the £4.9m bill for the case which saw the club deducted ten points, reduced to six on appeal.

But a commission and appeal board ruled Everton liable for around a third of the fee at £1.7m, with the top flight covering the remaining £3.2m.

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A Daily Mail report explained:

‘Everton claimed that the top flight’s costs were ‘unexplained and inexplicable’ and ‘grossly excessive’, pointing out the hourly rate of £940 was close to twice the £550 charged by Pinsent Masons, who were representing the club. They also highlighted the Premier League’s witness statements cost £148,668 each, compared with Everton’s £26,637.

‘The judgement stated that their decision was not ‘a criticism of the PL or its lawyers’, adding that in High Court commercial litigation it is commonplace for one party to spend more on its case than can be recovered from the other side.’

City meanwhile have assembled an elite legal team including Lord Pannick KC, who represented City when they overturned UEFA’s Champions League ban and reportedly charges £5,000 per hour.

The report adds:

‘Eyewatering costs are already understood to have entered the territory of tens of millions and will continue to rise.

‘Should City emerge triumphant, it is difficult to imagine a situation where they would seek full costs from the competition, given the history between the two. Funds would come from Premier League coffers, hitting its clubs in the pocket.’