BBC News sports editor Dan Roan
Both sides are claiming victory, and in truth the judgement contains something for both City and the Premier League.
League sources are emphasising the fact that most of City’s challenges to the APT rules failed, and that the wider system was endorsed by the panel.
They also seem confident that the rules will be swiftly amended by the clubs within two weeks in order to make them lawful.
But the panel’s ruling that the exclusion from the rules of interest-free loans from owners to their clubs (shareholder loans) was unlawful, has led to concerns that clubs could now be hit with additional costs that they were not anticipating.
This could mean some are in danger of breaching PSR regulations. The suggestion is that such loans will now be subject to commercial market rates of interest.
That could have major ramifications for those clubs that owe tens (or even hundreds) of millions of pounds to their owners.
The Premier League seems relatively relaxed about that issue, along with speculation that City and other clubs could seek compensation for any losses suffered by the rules.
On shareholder loans, league officials believe a fair market value analysis of such borrowings would be placed on the cost of the loan (i.e. the interest rate), not the value of the loan itself, and that the impact on clubs, therefore, would be minimal.
They also feel that such loans will only come into the scope of APT once the rules are amended, and will not be applied retrospectively, so only future loans will be affected.
However, BBC Sport has learned that City’s lawyers believe that not subjecting previous shareholder loans to a Fair Market Value assessment (while continuing to apply it to previous sponsorship deals) would be unfair, and that they may seek an injunction to prevent the Premier League from doing so.
But there will be fears from some in the game that any weakening of APT rules designed to preserve fairness and competitive balance could lead to certain clubs being able to sign more lucrative commercial deals.
There is also the question over whether this could have an impact on the 100-plus charges the league has brought against City for alleged financial rule breaches. City deny wrongdoing, and a hearing into the case continues.
Whatever the consequences, what is clear is that this dispute has reinforced the sense of division among the clubs over the financial regulations they are subject to.
