So, a summary:
As a fair few of us said, the club won some and lost some. The club wasn't really trying to overturn the whole APT thing and didn't so no problem there. But it did win on these;
The original and the 2023 rules are illegal because they don't take into account commercial interest on interest-free shareholder loans. Needs a new rule ASAP, I guess. Will affect Arsenal the most. Shame. Question is, does it have to be applied retroactively to the introduction of the APT rules in 2021 if all the rules aren't scrapped and all effects removed?
The new 2023 rules are illegal because certain of the changes significantly increase the risk of false positives: three changes are mentioned: "could" instead of would, "normal market conditions" and the removal of "evidently". The PL will just revert to the 2021 wording which gives more leeway to the club on valuations. Strangely, this section of the award also refers to the switch in the burden of proof from the PL to the club, but unless I missed it I can't find the panel's finding on that. Which means either they have made a mistake or I have missed it.
Two negative decisions on valuations (including the new Etihad deal) have been reversed and the PL had been found in breach of their own rules by causing delays in their determinations. Compensation claim incoming, I imagine for all that ....
I think :)