Manchester City's current crisis, facing over 100 allegations, has become a hot topic in world football. On the morning of September 29 (CEST), British media outlet The Daily Telegraph published an article revealing that Liverpool and others' suspicions about Man City date back many years.

Today, John W. Henry rarely makes public statements, but there was a time when the Liverpool owner's remarks caused quite a stir.

July 13, 2011 was one such occasion. Henry posted on social media: "The best player at a club is worth at least 10% of the value of the stadium naming rights. Wenger was bold enough to say what everyone was thinking."

Fifteen years later, this statement carries different, weightier implications. Initially, it seemed like a wealthy man complaining about not getting what he wanted, and also reflected how angry Man City had become about his insinuation. But last Friday, was "what everyone was thinking" finally confirmed?

Henry's post at the time included a link to an article. A day earlier, Wenger, while speaking with journalists in Kuala Lumpur, had expressed shock at an extraordinary moment in Premier League history, as we now know.

On July 8 that year, Man City announced their stadium naming rights agreement, then called "Eastlands". The sponsorship deal with Etihad Airways was valued at £400 million over 10 years—a sum that, however board members worldwide calculated it, seemed unreasonable.

To be fair, this figure may no longer seem as large. In any case, Liverpool recently signed a deal with Turkish Airlines, who will become their shirt sponsors for 5 years starting in 2027. Anfield will receive £300 million from this agreement, setting a record for such partnerships.

However, in the summer of 2011, the £400 million stadium naming fee had drawn skepticism from Man City's rivals. Wenger stated this raised "real questions about the credibility of Financial Fair Play (FFP)" and called it "the biggest challenge" for then-UEFA President Michel Platini.

"Normally, if FFP is to have any chance of success, sponsorship fees must be at market value," Wenger said. "You cannot triple or quadruple the price, because that would mean we might as well not do this and let everyone do as they wish. That approach could be understood, but since rules have been laid down, they must be respected."

For reference, the largest stadium naming deals in 2011 were in the United States, led by the New York Mets (Citi Field, $400 million over 20 years) and NFL's Houston Texans (Reliant Stadium, $300 million over 30 years)—Man City and Etihad's deal had overshadowed both sponsorships.

Henry, a strong supporter of Financial Fair Play, followed these developments with skepticism, as did everyone at Anfield. Two days after Wenger and Arsenal departed for China, Liverpool traveled to Malaysia and received a warm welcome.

Ian Ayre, the club's CEO at the time, had worked in Kuala Lumpur early in his career, but when everyone sat in a hotel in the city, this was not the time for reminiscing. Only one topic was discussed, and looking back at his words 15 years later, they remain timely and striking.

"The numbers surprised me for several reasons," Ayre said. "First, I didn't think it was reasonable. In Europe, a football club renaming an existing stadium and creating real value from it simply hadn't happened before."

"For nine years it was called Manchester City Stadium, or 'Eastlands', but now it has a new name, and someone has assigned it an enormous value. I found it rather odd since no one had ever done that before."

"In Europe, and certainly in football, there's no precedent showing you can rename a stadium and create that much value. Someone tried. Mike Ashley tried at Newcastle, but nobody called it that (Sports Direct Arena), and it certainly wasn't worth that much. I was very surprised."

"Second, when I spoke at SoccerEx earlier that year, I participated in a panel discussion about Financial Fair Play. The people running UEFA's process said they believed there would be a proper and rigorous process for related-party transactions."

"Are Etihad, Man City, and Sheikh Mansour related parties? If so, then it's up to UEFA to make a ruling. But that's not our concern. We have a specific brand here, and we must be accountable for it. If this deal is legal, then it's good for Man City. It's good for them. But I think UEFA should answer these questions."

He continued: "The way we develop revenue at Liverpool is somewhat different from other clubs. We only choose partners when selecting sponsors. We try to work with people we believe share our philosophy and who will treat Liverpool's brand and reputation in a certain way."

Henry, who led Fenway Sports Group's acquisition of Liverpool in 2010, envisioned that under his team's leadership, Liverpool would progress "in a certain way": using data, smart recruitment, and investing available funds at the right moment.

Had he known there would be a situation where Financial Fair Play could be circumvented, and teams could strengthen by buying players that other clubs would need to pay record transfer fees to acquire, would he still have bought Liverpool? This question is not unreasonable.

A year later, in a private room at Fenway Park in Boston, Henry was asked why Liverpool couldn't buy three £25 million players in one summer.

"Is UEFA really committed to enforcing Financial Fair Play?" Henry countered. "We don't know. Spending trends appear not to have slowed anywhere, and perhaps the competitions should review this."

He added: "What I want to say is, from our perspective, UEFA successfully implementing Financial Fair Play is crucial. It's a key factor. Around 50% of clubs in Europe are operating at losses—and I'm talking about top clubs."

"20% of those are facing serious financial difficulties. I think the competitions, along with FIFA and UEFA, need to review and implement related measures. Just because UEFA has its own rules doesn't mean the Premier League and other competitions can't apply similar principles."

"I know the English FA is implementing its own rules. This is truly a very important part. Not just for Liverpool, but for all of football."

Man City remains confident it will clear its name and has made no comment since last Friday, nor have the Premier League or Henry on this matter. Roberto Mancini, who was Man City's manager at that time and now leads the Italian national team, even claimed the issue was "none of his concern."

But the events of July 2011 appeared to concern many in football. Henry has not posted on his social media account since June 11, 2021. With recent developments, it will be interesting to see whether he chooses to break his silence—and what he might say if he does.

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