It would seem that's at least a significant part of their case.
In my opinion there's now a traceable path from CAS, who said that if the Abu Dhabi sponsors were related parties then we're potentially open to the charge of misreporting this in our accounts, to the APT case, where the cartel clubs also had the view that we had misreported this (maybe based on the CAS report), to the PL charges, which specifically mention related parties.
That seems to me to be the line of attack, in the absence of any other information regarding the sponsorships. But I don't believe it'll be a productive one. A bit like trying to stop a Traore with a rolled-up Eric Garcia.