The letter from Pearce to Etihad, that Der Spiegel have now released, relates to state finance of Etihad Airlines and is consistent with previous disclosures suggesting Etihad directly paid only £8m of their annual sponsorship of Manchester City. City fans had been speculating for months about state support for Etihad.....David Conn wrote about this many months ago after Prestwich Blue discovered documents in a US company competition hearing suggesting Etihad's sponsorship of Manchester City would be underwritten by the UAE state. I took it as a given that Etihad was supported by the UAE state on the same way that many nationalised industries are. Saudi Telecom sponsor Manchester United, whilst Emirates Airlines sponsor many sporting clubs and tournaments. I think the underlying relationship between Etihad and the UAE state is already known, or can be surmised, so I don't think this disclosure changes anything.
City have repeatedly said that the email release was an organised attempt to smear and target the club, and these latest reports fit that description. For many months a small group of 'journalists' have agitated and issued arguments to undermine Manchester City, and they go on and on. The cry wolf once too often and will end up proving City's argument that this is a smear campaign. They are effectively representing the interests of some elements of private US capital in a quite scurillous manner.