For four decades, the Blues became the epitome of failure.
The combination of having to live in the giant shadow of Manchester United, coupled with a enduring capacity to capitulate at moments of greatest pressure, created an special aura around a club whose fans used to glory in their misery.
Slowly, though, that image has been shed.
And in roaring back to score twice in injury-time to snatch a Premier League title so many felt was slipping away against QPR on Sunday, chairman Khaldoon believes history has been rewritten.
"Everyone will have their own experience of what happened yesterday [Sunday]," he told www.mcfc.co.uk.
"I don't think any league will be decided like that for many years to come.
"Maybe some people imagined it was 'typical City'. We are not typical City. We have destroyed that thought.
"This is not a team that is going to lie down. Now we want to forget about 'typical City'.
"This club wants to win more than anything and will fight for that until the last kick of the game."
Khaldoon revealed the course of the season changed after a post-match chat with manager Roberto Mancini last month, immediately after City had suffered a 1-0 defeat that left them eight points adrift of Manchester United with only six matches of the campaign remaining.
"We had two choices," he said.
"We could either raise the white flag and sulk or pick ourselves up and fight until the last second of this championship.
"I remember going down to the dressing room thinking we were not giving up. Something inside me said there was more to it.
"I had a conversation with Roberto. We both looked at each other and decided to take the pressure off everyone.
"We felt if we could win all our games and have a bit of luck, we could still pull it off.
"What Roberto did magnificently was to take the pressure off the entire team."
It was suggested after that Arsenal game that if things did not improve, Mancini would probably be sacked this summer.
Yet it seems Khaldoon is a huge fan of the Italian, who has transformed their fortunes in his two and a half years at the helm.
"Roberto is a winner," said Khaldoon.
"He is a very strong character, who wants to win more than anyone I have ever seen. He is so driven and has an incredible amount of energy.
"We have got very close over the years and I know how he works.
"We have all learned a lot and have managed some very difficult situations over the season.
"We have achieved our objective and won the league and a lot of credit for that must go to his managerial skills."
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Of course, none of it would have been possible without the largesse of owner Sheikh Mansour, who has spent upwards of £1billion on his City project, which is set to expand even more once construction begins on a massive new training and academy project a stone's throw away from the stadium.
As is his preference, Sheikh Mansour remained at home in Abu Dhabi, although he watched every second on TV as City won their first title for 44 years.
"He has not missed a single minute of football this club has played this season," said Khaldoon.
"Even if the match is not on TV, he finds a way to watch it.
"Yesterday [Sunday] was a rollercoaster for him and the telephone conversation I had with him afterwards was one of the most ecstatic ever."
Now Khaldoon, Sheikh Mansour and Mancini must decide what transfer targets to put in place.
Robin van Persie has been mentioned frequently, along with a number of other stellar names.
However, it seems the massive spending of recent summers will not be repeated.
"We have a championship-winning team," said Khaldoon.
"We are not starting from the same point as in other pre-seasons.
"We have had to improve in a very dramatic manner. Now we have a nucleus. To improve further we have to harness that nucleus."
Khaldoon also paid tribute to Manchester United and their manager Sir Alex Ferguson, who was so dignified in his despair.
"Manchester United set the benchmark for success for every club," he said.
"I have the highest respect for Manchester United and Sir Alex Ferguson.
"To get 89 points and not win the league is unbelievable.
"We are trying to accomplish just some of what Manchester United have been able to do in the past.
"We look at teams like United, Barcelona, Real Madrid, AC Milan and Bayern Munich and what they mean to their cities.
"This is one step in that direction but there is a long way to go yet."