We are already limited it what our owners can put in ,or sponsor, due to UEFA, having a different body doing the limiting does not mean much, especially as it would also affect the cartel.
There is a fundamental difference between the UEFA rules, which use the well-established accounting definitions to decide if they should look at FMV or not. Etihad. as an example, isn't a related party for UEFA, but it is "associated" for the PL.
The PL rules go way beyond normal accounting rules, and have been written specifically to counter sponsorship with companies in which any family member of Mansour, or other board members, for example have a degree of influence. That is the problem with the 2021 rules iirc. The PL can interfere in almost any large sponsorship deal that has any connection to the AD government, or Mubadala or any of its investments, or with any company in which any family member of Khaldoon, for example, has influence. These are big, influential families with fingers in lots of pies. In the same way the Newcastle owners and board are. And finally, they don't just want to adjust the revenue down to FMV, they want the two "associated parties" to adjust their contracts and tell them how much is acceptable. It really is a remarkably bad set of rules.
The 2021 rules weren't welcomed by City, but they weren't too onerous. The new February rules are onerous, discriminatory and unnecessary for sporting regulation. I am not surprised the club have said enough is enough.
But to my original point, I would be surprised if, having cast doubt on their legality at the time and having taken such strong action against the PL now, the club hasn't included the 2021 implementation into account to require the PL to write the whole thing again and either scrap it or get it right this time.
All imho, of course. Could be completely wrong :)