As usual, the more I think about this, the more my opinions form and the more I see different aspects to this.
One of the reasons that the APT rules were introduced is that the cartel felt that we weren't properly declaring related parties in our accounts. This was despite the fact our external auditor presumably agreed that companies like Etihad weren't related parties.
So they introduced the concept of an associated apparently party after the Newcastle takeover, which is basically a related party with a clause covering state/government/public body influence. But they could have simply taken the view that any agreement over a certain amount needed FMV approval, regardless of whether it's an associated party or arm's length. While the tribunal rejected the idea this was discriminatory against us & Newcastle, their intention was clear in inserting that clause, given the ownership of us and Newcastle.
But the question is, did any club with owner loans at preferential rates declare these as RPTs in their accounts? If they did then that's OK and they're fireproof. If they didn't....