One thing that's telling about the press coverage of the entire episode is that there's been no consideration given at any stage to the idea that we might have exploited loopholes in the rules and not broken them. This seems to me to be one possible explanation for UEFA and City taking completely different stances over this.
But the media view is that we're a state-owned club that has benefitted from state funding and that's how the court of public opinion sees it, too. There's potentially a significant difference between ADEC funding our Abu Dhabi sponsorships and ADUG footing the bill, because the former is arguably (depending on the interpretation of IAS 24) within the rules and the latter isn't, but most journalists and rival fans I've seen expressing a view seem not to give a toss about the distinction. We'll be seen as guilty and getting off an a technicality if that's what emerges in the end.