Yes, I think so. Take the Etihad sponsorship issue. Our accounts say “Etihad sponsored us £X.” The auditors look at the contract, tick that box, look at the bank statements, see £X coming in to City’s bank accounts from Etihad, tick that box and move on to the next bit.
Meanwhile, in a different accountant’s office, Etihad’s accounts say “We sponsored City £X.” Their auditors look at the contract , tick that box, look at the bank statements, see £X going from Etihad to MCFC, tick that box and move on to the next bit.
Given that our accounts mirror Etihad’s in this respect I don’t see how you can establish fraud without some actual direct, first hand evidence that the payment from Etihad to MCFC was actually disguised owner investment rather than what it appears to be on the face of the documents. Someone who says, in effect, “I know what the accounts say but I was in the meeting where the question for discussion was how we camouflage ADUG putting £X into MCFC without UEFA getting wind of it, and that’s what we actually did. I know because I was there.”
Maybe they have that evidence. But I don’t see how a paper trail alone can possibly get them there. Which, as I understand it, is all they have.