According to Liverpool Echo, John Henry and Arsene Wenger have questioned Manchester City's financial practices since 2011.

One of the most iconic moments during John Henry's tenure at Liverpool was his criticism of Arsenal's attempt to sign Luis Suarez in the summer of 2013.

At the time, Arsenal attempted to trigger the striker's release clause with an offer of £40,000,001. Henry then posted on social media: "What do they put in the water at Emirates?"

However, that post may now have some competition. A Henry tweet from years earlier resurfaced after Manchester City was found guilty of 114 of 115 charges of breaching Premier League financial rules between 2009 and 2018.

The Premier League issued a statement on Tuesday confirming the independent commission's decision and detailing Manchester City's breaches during this period.

The breaches included Manchester City creating "fictitious" contracts with certain commercial partners and sponsors to misrepresent the actual financial arrangements between the parties, thereby inflating the club's revenue and reducing expenses. These companies were only required to pay a portion of the relevant sponsorship fees, with the remainder funded by the club's owner, Abu Dhabi United Group for Development and Investment (ADUG).

Manchester City has maintained its innocence and plans to appeal the decision.

Since 2011, former Arsenal manager Arsene Wenger publicly questioned one of these deals, and Liverpool owner Henry voiced his support for the Frenchman on social media.

Manchester City announced a record-breaking £400 million sponsorship deal with Etihad Airways over 10 years, equivalent to £40 million per year for the club.

However, this figure was significantly higher than Arsenal's £90 million deal with Emirates signed in 2004, which lasted 15 years.

The partnership between Manchester City and Etihad not only saw the stadium renamed to Etihad Stadium, but Etihad also funded the Etihad Campus around the stadium and expanded its sponsorship to include the team's jersey; previously they paid £2.3 million per year for these rights.

In contrast, Arsenal's deal included approximately £48 million from jersey sponsorship, with Emirates' stadium naming rights valued at £2.8 million per year.

Wenger sarcastically commented at the time, "We must have signed a bad deal," and called for a UEFA investigation, accusing Manchester City of exploiting loopholes in Financial Fair Play regulations.

Wenger stated: "It raises real questions about the credibility of Financial Fair Play. That's the heart of the matter. The message they're sending us is that they can bypass the rules as they please.

"It means Financial Fair Play won't really be enforced, as simple as that. I can understand how they operate, but it does raise real questions. Both the fairness and the credibility of Financial Fair Play are being tested.

"Moreover, if Financial Fair Play is to mean anything, sponsorship costs must match market value. They can't be doubled, tripled, or quadrupled, because if so, you might as well not set these rules at all and let everyone act freely. That would also make sense, but if rules are set, they must be followed."

Manchester City subsequently issued a statement refuting Wenger, defending the deal, and calling Wenger's comments about the partnership "unfounded and regrettable."

However, Henry later joined the controversy, siding with Wenger, and wrote on social media: "Your best players should be worth at least 10% of your brand naming rights value. Mr. Wenger has boldly said what others are thinking."

Rival clubs have long harbored suspicion about Manchester City's operations, and these doubts now appear to have been vindicated following Manchester City's guilty verdict.

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