Three years after Manchester City sold their image rights to Fordham Sports Image Rights Ltd, they are still making millions of pounds from them. Three years ago they said that they were selling the image rights and acquiringa lump sum instead so that they could comply with the UEFA's financial fair play.
City sold their image rights for £24.5m to a third party, thought to beFordham Sports Image Rights Ltd, according to the Independent. This was so that they could record 2012/13 financial results that fell within the limit of acceptable losses under FFP rules.
Manchester City have never disclosed the third party that was involved, which raises even more doubt about it. However, it is reported that the part is a company calledFordham Sports Image Rights Ltd who have a close connection with City.
At the time the club's senior legal officer Simon Cliff and non-executive director John Macbeath were both listed as directors of the company when Manchester City did the deal.
Manchester City claimed the £24.5m as income, and also claimed £22m from branding and more from their women's team and their New York team.
They ultimately believed that the money they had received would have been okay for their financial fair play, however UEFA deemed them to have failed and accused them of artificially inflating their own income.
The Independent reports that Fordham is no longer receiving anywhere near the amount they were receiving from image rights, which come from the players they have recently bought, and are currently buying.
Manchester City said Fordham that they have chosen not take take up the image rights of the most recent player in-comings.
Spaniard financier Esteve Calzada has negotiated image rights deals for the likes of Kevin De Bruyne and has no attachment to Fordham. He has been speaking to the Independent:
I've always been working on a commercial arrangement with the club.
We help the club bring in deals. There has been a company called Fordham but I don't know the ownership arrangement.�