This is really dull and I can't really be bothered to get back into it but...
Firstly, my statement was a specific point not in the context you describe in your longer summary and pre-dated the actual CAS judgment.
But simply because ADUG funded Etihad to settle one of its contractual obligations does not mean it is
automatically disguised equity investment any more than the same transaction of EAA --> Etihad --> City would (or wouldn't). It depends on the FACTS and EVIDENCE. This was not tested at CAS.
If ADUG put Etihad in funds with the requisite legal docs and creation of a debt or issue of shares to ADUG and Etihad go off and use those funds as it sees fit, it does not automatically make what they do with the cash "disguised." If however there is
evidence it is a sham to disguise equity investment in City, then yes they risk being in breach. But the same applies to a flow from EAA --> Etihad --> City. It is case and fact specific. This is how the law works, you have to
evidence the breach. I can't see (but you may be able to) where CAS accepted EAA funded the "Etihad central funds." It is not the case that ADUG = bad and EAA = everything is fine.
CAS was never asked to consider EAA or whether EAA had put the "Etihad central funds" in funds and it made no finding on this. CAS did definitively say none of ADUG or Etihad were related so presumably neither would EAA have been.
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So we don't know, as you assert, that if CAS found ADUG --> Etihad --> City, they would have 99% found in favour of UEFA. It is possible but likewise possible they would have concluded there was insufficient support factually of that intent. The idea they were saved because CAS were sure the funds came from EAA is just not right.
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