Kieran Maguire: Man City owners may have ‘tainted their legacy’ amid offshore tax reveal
Man City owners Abu Dhabi United Group may have “tainted their legacy” if it is true that they have effectively been to allowed move money from the public purse to an offshore tax haven.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the multi-billionaires’ relationship with Manchester city council.
The Abu Dhabi Group have been credited with funding regenerative projects in Manchester since their historic takeover of Man City via subsidiary City Football Group in 2008.
But The Guardian’s Aditya Chakrabortty reported on Thursday (21 July) that the council sold vast plots of land to the conglomerate as part of the Manchester Life scheme in 2014 for well below market value.
No social or affordable housing was built on the sites in New Islington and Ancoats and analysis from Sheffield University questions the accountability and transparency of the deal.
It is also claimed that Abu Dhabi Group have paid just 4p on each £100 of revenue and moved once publicly owned assets to Jersey, a known offshore tax haven.
Also detailed is how former Manchester city council chief executive Howard Bernstein was appointed as a strategic adviser to City Football Group in 2017.
Maguire assessed how the report might impact the local perception of City’s owners.
“People who have been supportive of City have always been able to point to the positive economic impact that the new owners have had,” he told Football Insider’s Adam Williams.
“I think this potentially might taint the legacy if there are offshore tax benefits arising as a result of this.
“That is to say, if it is proven. It is presently unproven.
“With Man City themselves, I’m not convinced the owners are in it for the money.”
In other news, expert suggests Man City could now pull Phil Foden contract U-turn as legal issue emerges.