According to reports in the Guardian, the Citizens will pay a mere £2 million a year to their local council in return for control of the naming rights to their Eastlands stadium, which was built with a combination of lottery and public money in 2002, and cost £112 million.
In comparison, the Citizens will conclude a ten year deal with Abu Dhabi's Etihad Airways for an estimated £35 million a year, which includes naming rights to the stadium, as well as a proposed 80-acre training campus".
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This is despite the Manchester city council still having ownership of the stadium, as both parties renegotiated their tenancy agreement last year. The Citizens had since offered to raise their rent to about £4 million a year, which was accepted, and Sheikh Mansour's club then sealed the big-money deal with Etihad.
The news could anger the English public, especially in light of news that the Manchester city council will have to reduced it's spending severely, forcing redundancies, though Sir Howard Bernstein, the council's chief executive, defended the deal.
"We are very satisfied with the deal, a doubling of the income we were receiving at the stadium," he said.
"We believe the proposed development will provide a platform for further employment-led regeneration. Importantly, we are getting money back continually from an investment of lottery and public money in sport", Bernstein added.
However, it looks likely that the Citizens will get to keep the enormous profits from their sale of the naming rights, as reports indicate that the renegotiated rental arrangements have been independently assessed as fair value by financial consultants KPMG.