The decision to put the rainbow flag behind the badge is probably just a decision by the social media team. I highly doubt the chairman of the club would support such an action, having lived in the middle east for 6 years I cant think of many locals I have met who would think homosexuality is acceptable. Its also notable that our owner who is deputy prime minister of the UAE has hardly den much to liberalize the homosexuality laws in said country.
Ill be interested to see which players actually wear these laces - which surely the club cant dictate. When you look through the likely starting team there are a number of practicing Catholics, Evangelical Christians and Muslims whose faith would probably put them at odds with a pro LGBT stance. If some players don't wear these laces then instantly its saying they have issues with Homosexuality and in my mind will cause further problems. I cant for example see Yaya Toure wearing them....
To me ultimately there is just no need for something like this - the club should come down hard on people who do chanting of an inappropriate nature but that's enough for me.