Story byGary Caldwell recalls two iconic moments in his career (Rich Amofa)Rich AmofaFri, January 9, 2026 at 8:43 AM UTC·7 min readThere’s a picture in Gary Caldwell’s office that perfectly illustrates the highs and lows of football. The top half shows Caldwell after Wigan’s relegation from the Premier League was all but confirmed after a home defeat to Swansea in May 2013. The bottom, taken a few days after, shows the then-Wigan captain and his teammates celebrating with the FA cup trophy after beating Manchester City in arguably one of the biggest shocks the competition has ever seen. AdvertisementAdvertisementAdvertisementNow, as manager of Exeter City, Caldwell is set to face Manchester City again, this time in the FA Cup third round, aiming to mastermind another seismic victory in a game being dubbed ‘State Owned’ vs Fan Owned.“Exeter and Manchester City work in a different stratosphere in terms of the finances that they have at their disposal,” Caldwell says. “But ultimately, on Saturday, it’s a game of football.”Exeter, owned by the club’s Supporters’ Trust since 2003, will be up against a side, part of the City Football Group, funded by an investment vehicle owned by Sheikh Mansour bin Zayed Al Nahyan, the vice president and deputy prime minister of the United Arab Emirates. According to data from Capology, Exeter have the lowest playing budget in League One.