Going after FFP is not a sure success and could be a long process. Would UEFA let you enter their competition during this battle ? UEFA and FIFA can threaten the whole British association if one of his member dares to go to civil court. It happened with Sion if my memory is right. And Switzerland association slapped Sion with a big point penalty in the league which satisfied UEFA/FIFA.
I know your owner is more belligerent than PSG one but PSG won the appeal and didn't go further. They even accepted UEFA request about not renewing the QTA contract. And their brand is still damaged as they are seen as cheat like City.
Btw, i was on some OctagonUK account and the guy posted a study showing that, in general, the people don't really care about the moral value of a brand. So, i think City won't have too much damage on their quest for sponsors after being cleared. PSG is doing excellent these days despite all the past and present suspicions. City will be alright.