The PL won’t succeed in the case you detail above. I’ve long argued as you do above.
That’s not the allegation though - the allegation must be that the contract either doesn’t exist as has been presented or is a fiction and/or those sponsors are related parties but that everyone (PL, UEFA, BDO, UEFAs experts, CAS, various third parties that have carried out DD) has been misled via a concealment of the facts. And that would, obviously, make the accounts false. IF, which must be unlikely, it was proved.
And dishonest concealment is definitely in the mix a) as it was at CAS and b) because otherwise you couldn’t raise causes of action over 6 years ago because the PL DOES have a limitation period - English law.
Yes, it's interesting isn't it?
Makes legal sense when put that way hypothetically, but I am not sure that it makes any sense in any conceivable reality. And that is why I can't imagine in a hundred years the allegation from the PL actually is that the contract, for example, doesn't exist. I mean, how can they expect to show that a contract on paper that's been signed and fulfilled both ways on an annual basis doesn't exist?
It seems more likely to me that they haven't received the evidence that they asked for and so they have just ticked off all the rule breaches affected by that non-compliance. Same for Mancini, ADTA, Aabar, Etisalat and anything else new they have picked up: image rights and maybe the IP sales? Which is why the breaches are grouped in that manner with the over-arching breaches as a consequence of not filing "financial information" (annual accounts plus supplementary information required by the PL) that complies with "all applicable legal and regulatory requirements". PL rules, a regulatory requirement, not complied with, rather than annual accounts falsified.
Btw, I may be wrong, but not recognising Etihad as a related party, even if it were, which it isn't, wouldn't affect the "true and fair" nature of the annual accounts either, imo. It's just a couple of note disclosures, even if relevantly important ones in that particular case. My opinion may be bollocks, of course.
As you both have said, though, until we see the actual allegations, rather than a list of breaches we will never know.