It may be that Stefan knows the answer to this already, and if so I'd be interested.
The gist of the tribunal's decision was that the substance of the APT rules as initially introduced was, with the exception of the shareholder loans exclusion, more or less okay. What made the substance of the rules unlawful (I'm ignoring the procedural stuff) was not just the shareholder loans exclusion but also the 2024 amendments, which collectively had the effect of making it much easier for the PL to block an APT if in its judgment the transaction was above fair market value.
As I read the Mail article and Stefan's tweet, the suggested amendments to the APT rules seem to dispense with the shareholder loans exemption and the 2024 amendments.
Except for one.
The original rules said that the PL would not hold an APT to be other than at fair market value unless the amount payable under the agreement was "evidently" more than would be payable on an arms' length basis.
The removal of that qualification so that all that mattered was the PL's judgment that the amount payable under the APT was above FMV - not "evidently above", simply above - was part of the tribunal's overall reasoning in finding the regulations unlawful.
To put the same point another way, the removal of that qualification to the APT rules plainly had the effect of lowering the standard of what the PL had to prove to block an APT. That was part of an overall watering down of the hurdles the PL had to get over to show an APT was above fair market value which was an important part in the conclusion that the rules, taken together, were unlawful. The proposed new rules undo the reversal of the burden of proof which the 2024 amendments included, but they don't appear to reverse also this reduction to the standard of proof.
It may be that this is covered in the new proposals, but as I read them, although the PL has rowed back on all the other 2024 modifications (which were in large measure why the APT rules were found to be unlawful) they have not rowed back on this.
Had they simply unwound the 2024 amendments in full, I would be pretty sure that the reworked APT rules - if passed - would be lawful. The fact that they appear to have retained the lower standard of poof - making it easier for the PL to prove an APT is not at fair market value - makes me think that if passed, this new version of the rules might also be unlawful.
Whether the club would challenge this is not clear. What is clear is that it is easier for the PL, assuming the new proposed rules are adopted, for the PL to show an APT is above fair market value than it was when the original APT rules were introduced in 2021.
Assuming it's right that this part of the 2024 amendments survives (and it may be that it doesn't and that just hasn't been included within the summaries) it remains to be seen whether the new regulations now fall on the right side of being lawful.
There is an argument that, by retaining one of the features that made the APT rules unlawful, they won't.