I was thinking this myself.
"Ederson and Ake, Walker and Akanji, Reuben Dias, Johnny Stones.
The best defence in Europe, We're Manchester City,
On our way to Istanbul." - a clear reference to when Liverpool won it themselves in Istanbul which was the first time they'd won it after the European ban that was in place because of the tragedy at Heysel. Just watch yourselves blues and think before you sing.
"Whoa, we're the boys in blue,
Whoa, coming after you..." - obviously comparing ourselves to the Liverpool/Chelsea/National Front supporters who "came after" the Juventus fans in the tragedy at Heysel. Come on blues, we're better than this.
Or what about this -
"Bluemoon, you saw me standing alone..." - is this taking the piss out of the fact that after the initial 5 year ban for all English club after the tragedy at Heysel, Liverpool served an additional year's ban which indeed saw them literally "standing alone" ? We just have to think how this might affect the poor souls in the away end before we start firing chants off.