If I understand it correctly, if the money didn't come from ADUG then it's not owner investment. UEFAwwill no doubt try to claim otherwise. But even if it was, the Etihad sponsorship was fair value, certainly when compared to what Leterme and his IC allowed PSG to claim.
Again, it's a guess but I'd say everyone gave the money to ADUG for onward transmission to City but City told them not to do that.
Now, when you read all those so-called 'smoking gun' emails in the correct context, rather than the spin put on them by Der Spiegel and others, the picture is really quite different isn't it? That's why I've been banging the drum about context. It's crucial to this.