The only way you can maintain that City is state owned is by adhering to the conspiracy theory that Mansour is just a front and that UAE is the real owner. The problem with this is that there is no evidence for it whatsoever. Due diligence at the time of the takeover would have called for incontrovertible evidence of ownership. The legal and accountancy firms will have been required to sign DTI documents certifying the ownership. Were they all fooled or lying? The front theory was promulgated by a convicted fraudster named Boyrhul. He was one of the "city slickers" from the Mirror, who was convicted of insider trading. He now runs a "yellow sheet" (of very dubious veracity) in the Emirates. Since ADUG is the parent of CFG, they would have to be fooling the authorities of at least seven countries..
Altho' Mansour is spending 'dirty oil money', it comes from his royalties not from the state. Besides, apart from one technical adjustment, he has not funded City for several years.
And why is oil money 'dirty'? Nope, a vital commodity.
I have seen in the Grauniad a statement that Mansour is a member of the AD government, citing his title of 'deputy prime minister'. This is a courtesy title, bound up with the arab concept of 'face', given who he is. He does not sit on the Executive Council, which is AD's governing body. He is, however, the Chairman of the Horse racing board !