But the whole thing of fair market value is a joke as well.
I'm still referring to PSG case but FFP bodies are still disagreeing among themselves about a contract of PSG that has been known for 7 years ! They used several external audit companies and they still fail to give a value.
And let's be serious, MU is a big PR machine but at the time, when they got their Chevrolet deal, it was not at a fair market value either. The guy responsible for the deal got sacked :
https://www.autonews.com/article/20...-manchester-united-deal-turning-into-a-fiasco
And wait for it ! Two agencies (Repucom et Octagon) was valueing QTA deal around 123 000 euros and 2,78 millions euros yearly according to the Football Leaks. I mean seriously, what kind of club will sign a 123 000 € deal ? Certainly not one of the size and with the brand of PSG. Just think in reverse : how much money Qatar should have paid to get the publicity they got from PSG with traditional PR ? Certainly not 123 k€/year.
And as i pointed out, even the big clubs have some untangled relationships with their sponsors. Bayern with Allianz, Audi, Adidas. They are not related parties by definition but they do have some deep relationship being shareholders of Bayern Munich.