State ownership mate, who own said club.
What are you on about shareholders, Mansour is chairman of Etihad, was previously of Etisalat and the Abu Dhabi tourism board, not sure about Aabar, but I'm guessing yes, 4 owner linked companies.
It's like PSG who had 1 title in their entire history, signed a € 200 million a year contract with Qatar Tourism Board but that's not ludicrous is it to you mate, would Qatar have signed that deal with PSG if they didn't own them.... NOPE!!
In 2019 at the CAS trial it was revealed that Etihad was paying man City £140 million a tear in 2012 from £40 million per year, amazing that jump in fee, God knows what that deal pays in 2021, inflation Abu Dhabi style is pretty big when it comes to commercial deals Mansour owns.
Same way Man City in 2009 signed a £400 million pound Etihad commercial deal which was quadruple the present record in world football when Arsenal a 10 year £10 a year deal in 2006, a team that had 4 titles in 8 years, unbeaten season, got to a CL final, would any airline not linked to the owner have signed that Etihad deal with a yo yo club with 1 title and no fans outside manchester...NOPE!!
It's why no one complains or shakes their head when New Balance in a last year of a long-term contract paid said club you mentioned £95 million the season they won the title and £90million the season they won the CL, and why Nike Adidas pay the two biggest clubs in England per annum bigger kitdeals incentive based with a set annual fee with a cut of merchandise boosting the deal to quadruple and why City and Chelsea the two most successful teams the last 15 years lower per annum deals by far with no incentives fees added.
I'm sure you'll be happy when it's announced a $ 2 trillion dollar Saudi oil company Aramco and the Saudi airline Saudia are sponsoring Newcastle and within 15 -20 years will be far surpassing 9 league titles mate!!