Etihad's chief executive has denied the suggestion it may have paid too much for its sponsorship of Manchester City in order to help the team.
Antonoaldo Neves told Sky News' Business Live that all the airline's sponsorship deals were "at the market level" and agreed after "a lot of negotiations".
It comes as Manchester City this week attempted to claim victory in a case against the Premier League over the legality of rules governing how much it can earn from sponsors linked to their Abu Dhabi owners.
Central to the case was City, in 2023, striking a more lucrative extension of its shirt and stadium naming rights.
Etihad is ultimately owned by the Abu Dhabi government through the wealth fund ADQ.
Mr Neves told Sky News: "Etihad doesn't do any transactions with any partner that is not on the market basis.
"We have an amazing governance in Etihad. The mandate we have from our shareholders is very clear: deliver extraordinary customer experience and at the same time deliver an airline that is financially viable."
Etihad's boss added: "If we don't engage in transactions at the market level, the returns don't come; so absolutely, yes, it's market-based.
"It's a lot of negotiations that go on. And we get great returns from all these sponsorship contracts we have."
The airline boss said the Manchester City deal "brings us global exposure" due to the club's huge success.
He said the primary consideration for commercial tie-ups is return on investment and allowing the company to "tap into different segments of customers".
Etihad also sponsors teams including the IPL cricket side Chennai Super Kings and LaLiga team Girona FC.
The Premier League also sought to claim victory after this week's tribunal, which was ruling on Associated Party Transactions (APT) rules.
"Associated parties" are companies or people who have a significant interest in a club, financially or otherwise.
Analysis: Neither Man City nor the Premier League decisively won this round - but another showdown awaits
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Tap hereThe Premier League requires any club to run dealings with associated parties past them to decide if the transaction "represent a fair market value" and is not excessive.
The league said it believed the three judges had "endorsed the overall objectives, framework and decision-making of the APT system".
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That conclusion was disputed by Manchester City lawyers who called it "misleading" in a letter to the other 19 Premier League sides.
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