This is what Sky News has reported:
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So Premier League chief executive Richard Masters believes those new rules replaced the ones now found to be void by the tribunal - attempting to underplay the impact of this ruling.
In a statement after the ruling, the Premier League said: "The tribunal's decision has found that the three narrow aspects of the old APT rules, previously found to be unlawful, cannot be separated from the rest of the previous rules as a matter of law. The result, the tribunal has determined, is that the previous APT rules, as a whole, are unenforceable.
"However, the previous APT rules are no longer in place, as clubs voted new APT rules into force in November 2024. This decision expressly does not impact the valid operation of the new rules."
The Premier League added: "The League continues to believe that the new APT Rules are valid and enforceable and is pressing for an expeditious resolution of this matter."
But City are also challenging the legality of the new rules that are designed to prevent the wealthiest clubs from inflating the value of deals to spend more on players and comply with Profit and Sustainability rules (PSR)."
The financial rules were first introduced in December 2021 after the Saudi takeover of Newcastle.
news.sky.com
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So it seems, despite losing the original case and misrepresenting the outcome, Masters is now saying this new win for City doesn't matter because they've already replaced the rules.
I think Masters is actually dling his best to resist City's push because he realises what the end game is.
If City win their challenge to these new APT rules and then also force through the retrospective reassessment of PSR for all clubs with shareholder loans and have them punished accordingly. Things can get interesting.
If owner investment is limited to £90m every 3 years under PSR but an owner can lend as much money as they want interest free without any need to pay it back, how is that not owner investment?? It's exactly the same thing.
People like Simon Jordan bang on about what a brilliant job Tony Bloom has done at Brighton, but all he has done is what Sheik Mansour has done at City, albeit on a smaller scale.
The only reason Arsenal are competing back at the top by spending vast amounts of money is because of interest free shateholder loans that don't need to be paid back.
Liverpool have benefited from a £240m 0.5% loan back in 2010 which is pretty much the same thing.
The thing is City are challenging these loans as well. and I have a sneaky suspicion if successful they might then launch a further legal challenge and render the whole system of PSR void.
It's like salami slices. Each small win is a slice and eventually City will have won the whole case. Compensation for brand damage, lost sponsorship deals etc will follow.
I think Masters knows this and is fighting every step of the way to make it as difficult as possible for City to succeed.