What can City realistically do? Any one with any legal experience will tell you a institution the size of City taking on a media outlet is a PR disaster. If you think the shit we get now is bad, wait until we are seen to be a 'Middle-Eastern owned club attacking free speech' because that is what will come. That will attract negative publicity much further than sports journalists & have a much greater impact on the clubs reputation.
The fact is this isn't going to stop, it hasn't since 2018 when it started. These new leaks contain nothing new, maybe an email that says we need to keep the auditors onside from 2012 would be the only one causing slight concern, but in any event, it's from fucking 2012. This will blow over as it's been dealt with @ CAS in detail. City will settle with the PL outside of arbitration as it's a nightmare for both parties to sort (imo) & the media will move full tilt from FFP cheats to getting state ownership out of the game.