I think City are probably really feeling about 60%-65% confident of winning at CAS. No such process is guaranteed and even the best cases can lose. I'd say few cases have better than 70% certainty. The club are obviously not super confident because you can see how little we are doing in the transfer market - Chilwell is a perfect example. I think we will be very cautious until we have more certainty on the situation.
But likewise, I believe they are confident in the strength of their defence - the public statements are very bold and it seems inconceivable that Silverlake didn't get sight of a very strong legal opinion in advance of its investment. In fact its probable that CFG had to agree to a clause in the investment agreement that CFG had complied with laws, regulations etc. On the flipside, this probably also means that it is exposed to a sizeable claim (known as a warranty claim) from Silverlake in the event it is found to have breached by CAS.