It's written by a solicitor and one of his trainee solicitors, and is yet another of those 'the end of the world is nigh' pieces so beloved of some of our friends in the media. It somehow manages to make multiple false statements:
- That sponsorship deals were unrestrained prior to the APT rules. They weren't.
- That shareholder loans being brought into the APT rules represents an existential threat to clubs like Brighton & Everton. They don't as the worst case scenario is that they'll, have to account for notional, rather than actual, commercial interest on those. And in the best case, they'll be converted to equity, which has zero financial impact.
- That the PSRs have any connection to true measures of financial sustainability. They dont
- That the impact will be apocalyptic. It won't.
Apart from that....