There's also an email referred to in the Der Spiegel materials and sent from City's CFO to Simon Pearce asking which model applies out of two the sender cites for the flow of the Etihad sponsorship funds. Both of these involve an entity or individual the sender names 'ADUG Shareholder', and given that the sole shareholder of ADUG is Sheikh Mansour then this does make it sound as though Mansour is routing money into City via the Etihad sponsorship.
But this email gives rise to plenty of questions, not least how Pearce replied. Der Spiegel doesn't quote it and yet, without seeing what it says, it's impossible to offer a proper interpretation of the original email.
Then there's the fact that the money is shown in City's accounts (one presumes) as coming from Etihad in relation to a contract we know MCFC entered into with Etihad for a sponsorship fee acknowledged by UEFA's expert assessors as representing a fair value, and we know that City have performed their obligations under the contract (e.g. Etihad has been the shirt sponsor throughout the term of the contract). So if ADUG has routed shareholder funds via Etihad, this has been at the expense of revenue under a legitimate and fairly valued sponsorship contract, meaning there's no financial benefit to the club in this arrangement, just to Etihad.
In this event, surely any breach (and the evidence of one is very flimsy) is purely technical. The idea that it should merit a two-year ban seems laughable, really - unless there's more evidence we don't know about.