Manchester City has recently faced over 100 charges, and news of the club's crisis has become a hot topic in football. On the early morning of 29 September, Beijing time (CEST), British media outlet The Daily Telegraph published an opinion column stating that Liverpool and other clubs had long suspected Manchester City.

Currently, John W. Henry no longer speaks out publicly, but there was a time when Liverpool's owner's comments caused quite a stir.

One instance was on 13 July 2011. At that time, Henry posted on social media: "A club's best player should be worth at least 10% of the stadium naming rights deal. Mr Wenger bravely voiced what everyone was thinking."

Fifteen years later, this statement takes on a different and deeper meaning. Initially, people thought it was merely a complaint from a wealthy man who couldn't spend as he wished, and it was noted how angry Manchester City was over the implied criticism in the statement. However, last Friday, was "what everyone was thinking" confirmed?

Henry's post at the time included a link to a news article. A day earlier, Wenger had spoken with several journalists in Kuala Lumpur, expressing surprise at what we now know to be a remarkable moment in Premier League history.

On 8 July that year, Manchester City announced a stadium naming rights deal, with the stadium then known as "Eastlands". The partnership with Etihad Airways, valued at £400 million over 10 years, seemed illogical to virtually everyone in sporting leadership worldwide, no matter how they calculated it.

Admittedly, this figure may not seem large now. After all, Liverpool recently signed a deal with Turkish Airlines, which will be their jersey sponsor for five years starting in 2027. The Anfield club will receive £300 million from this deal, setting a record for such partnerships.

However, in the summer of 2011, the £400 million naming rights fee was met with disbelief by Manchester City's rivals. Wenger stated that it raised "serious questions about the credibility of Financial Fair Play (FFP)" and called it the "biggest test" for UEFA President Michel Platini at the time.

"Typically, if Financial Fair Play is to have any chance of success, sponsorship fees must be in line with market value," said Wenger. "You cannot triple or quadruple the price, because that would mean we might as well not bother with this and let everyone do as they please. That approach would also be understandable, but since rules have been introduced, they should be followed."

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

Henry, a staunch supporter of Financial Fair Play, watched this development with disbelief, as did everyone at Anfield. Two days after Wenger and Arsenal departed for China, Liverpool arrived in Malaysia to a warm welcome.

The club's CEO at the time, Ian Ayre, had worked in Kuala Lumpur early in his career, but when everyone gathered in a city hotel, this was not the time for nostalgia. There was only one topic for discussion, and looking back at his words 15 years later, they proved prescient.

"The figures shocked me for several reasons," Ayre said. "First, I thought it was illogical. In Europe, a football club that changes the name of an existing stadium and generates real value from it—that simply hadn't happened before."

"For nine years the stadium had been called the City of Manchester Stadium, or 'Eastlands', but now it will be renamed, and someone has paid an enormous amount for it. I found that a bit strange, because no one had ever done that before."

"In Europe, and certainly in football, there is no precedent showing that you can rename a stadium and create value on that scale. Someone tried. Mike Ashley tried at Newcastle, but no one called it that (Sports Direct Arena), and certainly not at that value. I found it very shocking."

"Second, when I spoke at SoccerEx earlier this year, I participated in a panel discussion on Financial Fair Play. UEFA officials responsible for the process said they were confident there would be a proper and rigorous process for related-party transactions."

"Are Etihad, Manchester City, and Sheikh Mansour related parties? If so, it's up to UEFA to make that determination. But that's not our concern. We have our own brand identity here, and we must be accountable for it. If this deal is fine, then it's good for Manchester City. It's good for them. But I think this is a question that UEFA needs to answer."

He added: "The way we develop revenue at Liverpool is somewhat different from other clubs. We are selective when choosing sponsors. We try to work with partners we believe share our values and will treat the Liverpool brand in a certain way."

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

Had he known then that a situation would arise in which Financial Fair Play could allegedly be circumvented, and teams could strengthen themselves by acquiring players that other clubs had to pay record transfer fees for, would he still have bought Liverpool? It's not an unreasonable question.

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

"Is UEFA really committed to enforcing Financial Fair Play?" Henry replied. "We don't know. Spending trends don't seem to be slowing anywhere, and perhaps the leagues should be looking at it."

He added: "What I want to say is that from our perspective, it is crucial for UEFA to successfully implement Financial Fair Play. This is a critical factor. About 50% of clubs in Europe are operating at a loss—and I'm talking about the top clubs."

"Twenty percent of them are in real financial difficulty. I think the leagues, as well as 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 has implemented rules for itself. This is indeed a very important part. Not just for Liverpool, but for football as a whole."

Manchester City remains confident it can clear its name and has not commented since last Friday, nor has the Premier League, and Henry has not commented on the matter either. Roberto Mancini, who was Manchester City manager at the time and now leads Italy's national team, even stated that the matter "had nothing to do with him."

However, developments in July 2011 appeared to concern many people in football. Henry has not posted on his social media accounts 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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