Is it? How do City claim the judgement mean the Rules are null and void if "the Rules are unlawful" just means the individual Rules on which the Panel said City succeeded. The phraseology "for no other reason" doesn't on the face of it seem to qualify the ruling that the Rules (as a whole) are unlawful.This is saying one relatively minor detail of the rules is unlawful. It is important but not a major problem for the PL. This is not City's major win. The major win is ripping up the 2024 amendments. The major loss is probably on the matter of the test of transactions being before approval rather than after. I see it like a tree - we have won the right to chop off some branches but not to fell the tree. The PL will need to prune the tree but not replant it.
(i) that the APT Rules are unlawful on account of being in breach of sections 2 and 18 of the Competition Act 1998 because they exclude from their scope shareholder loans and for no other reason;
(ii) that the Amended APT Rules are unlawful on account of being in breach of sections 2 and 18 of the Competition Act 1998 as they exclude from their scope shareholder loans and because of the pricing changes in Appendix 18 of the Amended APT Rules and for no other reason;
(iii) that APT Rules and the Amended APT Rules are unlawful on account of being procedurally unfair because a club is unable to comment upon the comparable transaction data relied upon by the PL before the PL determines whether a transaction is not at FMV and for no other reason