There is another way of looking at this.
As City are in the Premier League we're obliged to follow its rules, but I'm not sure whether these rules cover the setting up of this independent panel, I somehow doubt it. Even if such a panel is allowed, if it's truly independent are we not in uncharted territory? This panel isn't the Premier League, it isn't some hybrid CAS and it isn't a court of law, yet City seem happy to sign up for it! Why? We could've told the Premier League to put up or shut up, told them "you say we've broken all these rules, so where's your evidence and what's the punishment?"
But we didn't.
Imagine for a moment that the Chair and the Chief Executive of the PL are struggling between a rock and a hard place. We know that four years ago the PL was strong armed by four clubs into this investigation, four clubs we now know were the UK driving force for a European Super League, so they have form for throwing their weight around and are clearly no fans of the present PL structure.
We all know who they are.
So four years go by, and the PL finds bugger all on City and they're quietly letting it fade away.
Up pops the four clubs again demanding the PL nail City, but the PL still has bugger all on us.
Bingo! Says the PL, we know City are innocent, or at least we can't find anything to the contrary, so we'll set up this independent panel who'll fuck about for a few years and then come to the same conclusion as us, namely these charges are a crock. We'll then turn to the four clubs driving this fiasco, with maybe two of them now under new ownership and say we did our best, but the not guilty verdict is in, nowt to do with us. And City are happy to go along with this coz we're helping the PL Chair and the Chief Exec out of a bind, and now we're best buddies.
I've no idea if this is the case, it ticks a few boxes and might explain City's relaxed attitude.