The issue about related party transactions is that there's the risk that related parties do something that a unrelated third party couldn't or wouldn't. So if Etihad paid us £250m a year, when other big clubs were getting £50-60m for equivalent deals, that could distort competition. The problems occur if Etihad offer us £80m (as they appear to have done) when the databank shows a range of £50-60m is more in line. But that completely ignores the value that Etihad think they'll be getting.
My understanding was that the original rationale for RPTs was the related party could gain a benefit from their position that wouldn't be available to someone else. So if John Wardle, when he was chairman, got 5 executive boxes to use, for free, other shareholders and potential investors should be made aware of that. Now, it seems to have been turned on its head by the PL, who even want to unilaterally decide who is and isn't a related party.