Manchester City FC recently faced over 100 charges, and the club's crisis has become a hot topic in football. In the early morning of 29 September (CEST), the English newspaper The Daily Telegraph published an opinion piece stating that Liverpool FC and other clubs had harbored doubts about Manchester City FC for some time.

Although John W. Henry no longer speaks publicly, his views as Liverpool FC's owner once caused considerable controversy.

13 July 2011 was one such occasion. At that time, Henry posted on social media: "The best players at a club should be worth at least 10% of a stadium naming rights deal. You, Wenger, dared to say what everyone thinks."

Looking back 15 years later, this statement has taken on a different and more ominous meaning. Initially, people thought it was simply a wealthy owner complaining about being unable to do as he wished, with mentions of how angry Manchester City FC was at his veiled criticism. But when Friday came, was "what everyone thinks" finally confirmed?

Henry's post at the time included a link to a newspaper article. The day before, Wenger had spoken to multiple journalists in Kuala Lumpur, expressing shock at what we now know was a pivotal moment in Premier League history.

On 8 July that year, Manchester City FC announced a stadium naming rights agreement for what was known as "Eastlands Stadium." The partnership with Etihad Airways was worth £400 million over 10 years—a figure that made no financial sense across the entire sports world, no matter how executives calculated it.

It must be acknowledged that this figure might not seem significant now. After all, Liverpool FC recently signed a deal with Turkish Airlines making them the club's shirt sponsor for five years beginning in 2027, with Anfield receiving £300 million from this agreement, a record for such partnerships.

However, in the summer of 2011, the £400 million stadium naming fee was viewed by Manchester City FC's rivals as incredible. Wenger argued it raised "genuine questions about the credibility of financial fair play (FFP)" and called it "the biggest test" for UEFA president Michel Platini at the time.

"For financial fair play to have any chance of succeeding, sponsorship fees must reflect market rates," Wenger said. "You can't inflate the price three or four times, because that would mean we shouldn't do it and let everyone act freely—that approach makes sense too. But since rules have been set, they must be followed."

For context, the largest stadium naming rights deals in 2011 globally occurred in the United States, with the New York Mets (Citi Field, $400 million over 20 years) and Houston Texans (Reliant Stadium, $300 million over 30 years) leading. However, the Manchester City FC and Etihad agreement dwarfed both of these deals.

Henry, a firm advocate of financial fair play rules, watched developments with disbelief, as did everyone at Anfield. Two days after Wenger and Arsenal traveled to China, Liverpool FC arrived in Malaysia with a warm welcome.

Ian Ayre, a senior club executive at the time, had worked in Kuala Lumpur early in his career, but when everyone gathered at a hotel in the city, there was no time for reminiscence. There was only one topic for discussion, and looking back at his words 15 years ago, they have held up remarkably well.

"The figures surprised me for several reasons," Ayre said. "First, I don't think they make sense. In Europe, football clubs that rename an existing stadium and assign it a genuine commercial value—that simply hasn't happened before."

"For the nine years before this, it was called the City of Manchester Stadium or 'Eastlands,' but now it's changing names and someone's attaching a massive valuation to it. I found it rather odd because no one has ever done that before."

"In Europe, especially in football, there's no precedent suggesting you can rename a stadium and generate value on that scale. People have tried—Mike Ashley attempted it at Newcastle, but nobody calls it that (Sports Direct Arena) and it certainly didn't command that kind of value. I found it very surprising."

"Second, earlier this year when I spoke at SoccerEx, I participated in a discussion about financial fair play. The UEFA official responsible for this process said they believed there would be proper and rigorous procedures for related-party transactions."

"Are Etihad, Manchester City FC, and Sheikh Mansour related parties? If so, UEFA should rule on this. But that's not our concern. We have our own brand here, and we must be accountable to it. If this deal works, good for Manchester City FC, good for them, but I think UEFA should answer these questions."

He added: "The way we generate revenue at Liverpool FC is somewhat different from other clubs. We choose specific partners when selecting sponsors. We're committed to working with those we believe share our values and will treat the Liverpool FC brand and name in a defined manner."

Henry, who led Fenway Sports Group's acquisition of Liverpool FC in 2010, envisioned Liverpool progressing "in a defined manner" under his team's leadership: using data, making smart transfers, and investing available capital at the right time.

Had he known then that circumstances would arise where financial fair play rules might be circumvented, allowing teams to strengthen by signing players at record transfer fees that other clubs couldn't afford, would he still have bought Liverpool FC? It's not an unreasonable question to ask.

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

"Will UEFA actually enforce real financial fair play rules?" Henry countered. "We don't know. Reckless spending doesn't seem to be slowing down anywhere, and perhaps other leagues should take a look."

He added: "What I want to say is this: from our perspective, it's absolutely critical that UEFA succeed in implementing financial fair play. It's a key factor. Around 50% of European clubs are operating at a loss, and I'm talking about top clubs."

"Twenty percent of those clubs are facing genuine financial difficulties. I think the leagues, including FIFA and UEFA, need to consider and implement relevant measures. Just because UEFA has its own rules doesn't mean the Premier League and other leagues can't adopt similar principles."

"I know the English Football League is implementing its own regulations. This is hugely important—not just for Liverpool FC, but for football as a whole."

Manchester City FC remains confident it will be able to clear its name and has issued no comment since Friday, as neither the Premier League nor Henry have. Interestingly, Roberto Mancini, who was Manchester City FC's manager at that time and is now Italy's national team coach, claimed the matter "didn't concern him."

But the developments in July 2011 appeared to worry many in football. Henry hasn't posted on his social media account since 11 June 2021. Given recent events, 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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