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I suspect we took the full 24/25 as the main objections were in the later years and have a bit of time to fix the future years. Rules say clubs can’t take agreements that are above FMV as opposed to taking them and only accounting for a lower amount

In some ways, given we are about to sell/have already sold the next 10 years of rights to Etihad on the basis of the old rule anyway, it is less relevant to City than many others.

I think City would go back to the Tribunal. I think it is a key point that it will come back

It is arguably the key point given it was specifically recognised in the original KC advice so I think very little chance it is not coming back. NB: all of City's APT applications were under the old rules so always needed them to be "evidently in excess of FMV"

I'd be staggered if the removal of "evidently" was not also rowed back. Think it is just an omission from the articles published in the Mail and Times (which clearly come from the same place).

Not really. If you wanted to you could say they didn’t feel they needed any further time on the key witnesses because they got what they wanted. I just don’t think you can read anything into it based on that rumour

Other way round. PL is balance of probabilities, SFO etc is beyond reasonable doubt.

FCA not relevant here. But SFO charge in the criminal courts so the decision for them is a two-stage test to determine whether to prosecute a case: 1. Evidential Stage Test: is there sufficient evidence to provide a realistic prospect of conviction from a jury on a “beyond reasonable...

Yes it could be if ever pursued in a criminal context but it hasn’t been to date. Cases like this do get investigated by organisations like the Serious Fraud Office and the SEC/DOJ in the US. A good example is Autonomy which has had a lot of coverage recently...

Very likely nothing, if it does mean something it could mean something either way (good or bad) and even if true, nobody ever confirmed the hearing duration anyway so we don’t know how long it was actually meant to run

I don’t think the PL are going as far as saying we had different sets of accounts rather they allege (and need to prove) that a substantial amount of recorded revenue on the actual accounts was not revenue at all and that the audited accounts are, therefore, all materially wrong and deliberately...

Sports law barely exists in reality as it’s a combination of various types of law depending on the case but Lewis seems very experienced on acting for regulators. On the face of it, Pannick is not a typical pick for this case but that is why City brought in Philip Marshall KC too who is much...

This merely highlights why the number of breaches is irrelevant. In fact the issues in play can be mapped into relatively few baskets and not all witnesses will be relevant to all baskets.

I think barristers can make a difference but there are many variables. I’ve had superb £10k per day KCs have poor days and lose cases/hearings, seen other barristers who I just didn’t rate convince the judge of points that were wrong etc. It is really not an exact science. Lewis has his fans but...

The gross spend on Pannick I heard was so high I didn’t believe it but the source was high quality so not sure

Here is Pannick arriving at the City hearing with his head clerk. You decide!!

As far as I can tell he’s been more or less exclusive for most of 2024 and as soon as 115 is finished, APT goes on

He’s getting it regardless based on the initial timetable I’d say!

I’m a 25 year qualified lawyer who has spent the last 10 years in active English litigation dealing with directly relevant matters including allegations of fraud, accounting irregularities, audit negligence and related cases. I’ve also got a fair bit of financial experience - thanks for noticing...

More that if you told me a rumour that the first number drawn on Euromillions was going to be one you had on your slip, I’d say maybe better to let all the numbers get drawn out before celebrating winning Euromillions.