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Manchester City Said to Have Sold Stadium Name to Abu Dhabis Etihad Air
By Tariq Panja - Jul 7, 2011 9:36 AM ET
Manchester City, the English soccer club owned by Sheikh Mansour bin Zayed Al Nahyan of Abu Dhabi, will sign the richest sponsorship agreement in its history with Etihad Airways, the Gulf states government-owned airline, according to two people familiar with the transaction.
Etihad, which pays 2.3 million pounds ($3.7 million) a year as the teams shirt sponsor, will get naming rights for the City of Manchester Stadium, said the people, who declined to be identified because the deal hasnt been publicly announced. They declined to reveal the terms of the contract, which will be announced soon. Etihad and City declined to comment.
Mansour has spent almost $1 billion since acquiring City in September 2008. Hes bought international players including Carlos Tevez and David Silva in an effort to win trophies and outpace rival cross-town rival Manchester United, which last season won a record 19th English championship. City qualified for the Champions League and won the F.A. Cup last season, its first major trophy since 1976.
City has been trying to increase its revenue in an effort to meet new criteria on fiscal responsibility established by European soccers governing body, UEFA. Under those rules, clubs that cant keep costs and income at an acceptable level face being banned from the Champions League, Europes elite competition. Citys accounts for the year ended May 31, 2010, show it lost 121.3 million pounds, 31 percent more than a year earlier.
Financial Fair Play
Theres a sense, but UEFA will say its not the case of course, that financial fair play is aimed at clubs like Manchester City and Chelsea who have wealthy benefactors, said Stefan Szymanski, a professor of sports business at Londons Cass Business School. If this sponsorship deal were not to be a fair value deal Manchester City would be caught out, but I dont believe thats the case.
UEFA will allow teams to incur losses for infrastructure and youth development. Its General Secretary Gianni Infantino said the Nyon, Switzerland-based organization will monitor sponsorship deals to ensure agreements are based on fair value.
Infantino was responding to concerns that wealthy benefactors could use sponsorship deals to inflate the balance sheets of teams they own. Mansour is a member of the Abu Dhabi royal family.
In last years results Manchester City said revenue from sponsors and partners grew 400 percent to 32.4 million pounds because of agreements with Abu Dhabi-based companies including telecommunication company Etisalat, Aaabar Investments PJSC, the Abu Dhabi Tourism Authority and Etihad.
City moved to the City of Manchester stadium from its Maine Road ground in 2003. In October it re-negotiated with Manchester City Council to allow it to sell naming rights.
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