That about sums it up as far as I can see. Laughable.
Not sure I get this issue with the new shareholder loan rule not being applied retrospectively.
We are only talking about the APT rules here.
The club's position is that the current rules are null and void, and so they shouldn't have been applied to any 2021-2024 transactions at all.
The PL's position is that the new rules solve the unlawfulness, but that they should only be applied going forward, leaving a period 2021-2024 in which the rules unlawfully excluded shareholder loans. And the club's position is that, following the PL's position, the new rules should be applied backwards to 2021-2024 transactions to correct the unlawfulness. But they can't because it's an ex-ante review and so impossible. Which is why they are null and void in the first place.
Is that it?
There is a much bigger problem for the PL in the treatment of shareholder loans for FFP/PSR back to 2013 , of course, but that isn't relevant here, is it, as the judgment, other than by implication, didn't conclude on that?