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Javier Tebas, president of La Liga, has accused Manchester City of Enron-style financial deception.
Tebas stated that the Spanish league filed a complaint against City with the European Commission in the summer of 2023, and that the Commission is currently investigating. City have not responded to Tebas' allegations, but club sources are aware of them and strongly deny them.
Tebas claims City used related companies in the United Arab Emirates to hide losses and improve the club's own balance sheet, drawing parallels to the Enron scandal.
Enron executives were discovered to have made millions by creating a web of partnerships to generate false profits while concealing the company's true debt.
Tebas stated in a press conference at the Financial Times Business of Football Summit: "City has a lot of companies in their group that are outside the City Football Group structure, extra companies where they put their expenses.
"The other companies lose money, but not the club. We reported them to the European Union. We have facts and figures.
"We asked that City be checked. It is critical that all clubs adhere to the same transparency rules and governance on both a sporting and financial level.
"In the City case, we believe they have allocated losses to companies that are not officially affiliated with the City Football Group.
"Do you recall the case in the United States? The Enron case. What they did was take their losses and invest them in various companies. Well, it's a similar situation."
Tebas stated: "They (City) have a scouting company and a marketing company. That is where they incur significant expenses. They invoice the City for less money.
"City have costs that are less than if they didn't have this circle of companies around."
When asked about the status of the complaint, Tebas responded, "I believe it is in the investigation phase. We have not received a response, so it must be in the investigation phase."
City declined to comment, but sources close to the club claimed Tebas has a long history of attacking City.
City is understood to strongly deny the allegations, with sources citing the club's public accounts as proof of no wrongdoing.
Details of La Liga's complaint, obtained by the PA news agency, allege that City's financing mechanisms cause a significant distortion in the European Union's internal market.
The complaint was filed under European regulations governing state subsidies, alleging that City received foreign subsidies from the United Arab Emirates. La Liga claims that this allowed the club to strengthen its competitive position and create significant distortions in various national and EU markets.
According to La Liga, these foreign subsidies allowed the club to sign top-tier players and coaches far beyond what would have been possible under normal market conditions, as well as secure sponsorship revenues at levels that do not reflect fair market value.
La Liga claimed that this improved the club's sporting performance while also affecting rival clubs' recruitment capacity.
Tebas' claims come as City awaits a decision from an independent commission after being charged by the Premier League in February 2023 with more than 100 breaches of Premier League rules, which they vigorously deny.
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