That is about right.
There is an accumulation of things:
We send them "poor" players we have just signed, whereas EM is spending shed loads on us.
EM is about to spend in excess of 100m on a new stand, which pisses them off even though they have a brand new stadium which is only as few years old.
There is a huge undercurrent of resentment; selling us there best asset would have been the final straw, and they don't fuck about when the are pissed off.
And the media which EM does not own would have gone to town on a story like that.
EM would have to save face in ways he doesn't come close to over here.