I mean that one is simple to answer - Adam Lewis will have advised them that in his opinion there was enough to proceed with. On Mancini & Fordham that’s understandable, even if they’re ultimately nothing burgers.
The most important question is why they decided to proceed on the most serious sponsorship allegations that - barring some gamechanging documents that even if they existed, City wouldn’t have provided to them - there is almost certainly no path to success for the PL.
A cynic might suggest that with the delay between the charge sheet being drawn up and released, they were still hunting for something more cogent on the sponsorship stuff, as Mancini & Fordham aren’t gamechangers, but ultimately panicked into pulling the trigger early once the whitepaper on regulators came out..
Certainly if the PL can’t land the serious charges this case will be discussed by Business MBA’s for a longtime to come as a what not to do.