Sorry but that's not accurate. Sheikh Mansour has made serious money from his investments in City and the surrounding area. The club is now worth about £3.5bn so he has tripled the value of his investment. On top of this he recouped £654m when he sold 13 per cent of the club to US-based Silverlake and 11 per cent to a Chinese consortium. He also stands to make at least £1bn profit from his developments and other investments in the Manchester area.
It is just a media myth that the CFG football group is a vanity project. Why would he buy football clubs in Ukraine and Uruguay if it was a vanity project? City have got a fantastic business model but it is never reported properly or fairly in the media. I suspect the same is true of Leicester City.
The reason Sheikh Mansour has done all this is because, like all big businesses in the Middle East, he needs to diversify away from reliance on dwindling fossil fuels. He is also a huge investor (one of the biggest in the world) in renewable energy for the same reason.