I dont think the loyalty bonus is an issue, on one hand people are saying Sanchez wants to take less wages at city, on the other hand he doesnt want to lose a couple of million bonus (far less than his arsenal wage offer). The whole thing is full of contradiction and journalists trying to appear as having exclusive news.
Sanchez comments this summer have been as good as a transfer request, actually putting one in makes very little difference at this stage.
I actually dont think we ll see him, I expected Wenger to have relented with his stance by now, as he usually does, but he seems to be getting more adamant every day.