City and PSG’s old FFP settlements show how different the sanctions paths became
Published: 2026-10-13 00:00:00
Manchester City’s Champions League match against Paris Saint-Germain brings two clubs with a shared financial fair play history back into focus. A Guardian report says UEFA investigators found that, between 2011 and 2013, PSG recorded a €218m deficit and City a €188m deficit, when the permitted loss for clubs in European competition was €45m.
Instead of facing charges at the time, both clubs signed settlement agreements in May 2014. The terms included €20m financial penalties and restrictions on future spending, with a further €40m liability if either club breached its settlement. UEFA later said both had met the requirements, though the Guardian notes that questions remain over whether City observed the spending limits.
Different chapters after the 2014 agreements
UEFA suspended City from the Champions League for two years in 2020 over alleged overstating of sponsorship revenue from 2012 to 2016. The Court of Arbitration for Sport overturned that sanction, saying most alleged breaches were either not established or time-barred.
The Premier League’s independent commission subsequently found City significantly in breach of UEFA spending limits and said the club filed misstated accounts and concealed its finances during seasons 2009-10 to 2017-18. City have appealed that verdict and continue to deny wrongdoing.
PSG, meanwhile, were fined €10m by UEFA in 2022 for non-compliance with financial rules since 2018, with another €50m suspended. The Guardian’s report describes PSG president Nasser al-Khelaifi as having objected to the timing of the Premier League verdict’s release, which coincided with a European Football Clubs gathering where he was due to speak.
Questions over the original settlements
A 2018 investigation by German outlet Der Spiegel alleged that then-UEFA general secretary Gianni Infantino had taken part in discussions that helped shape the 2014 agreements, including sharing proposed terms with City chairman Khaldoon al-Mubarak. Infantino defended his conduct, saying he had carried out his duties honestly and professionally. UEFA said settlement agreements had been its preferred response in cases where clubs relied on outside funding to balance their books.
The Guardian frames the comparison as a contrast in how the clubs now sit within European football: al-Khelaifi holds a prominent institutional role, while City remain in dispute with the Premier League over the findings. PSG say they have acted in compliance with sporting rules; City reject the accusations and are pursuing an appeal.