It is worth a quick look at the documents themselves to illustrate a couple of points.
https://www.spiegel.de/sport/fussba...ostrecke-a293d1c1-0001-0002-0000-000000167278 First, whichever funding structure was used it looks likely that Etihad cash was put into the club via the correct entity (see page 4). Both options put forward by the CFO had money coming from Etihad to City. Likewise on page 3, the club were very aware that the actual payment flow had to come from the relevant
contractual entity.
On context, page 1 is a perfect example. The email is obviously true and is largely unredacted. But it is pre-contractual, how many other emails exist, what did the final deal look like, what did the rest of the thread say, when was the actual contract signed (if ever) etc etc. I do not believe you can conclude anything from one email in a thread like that. We shall see.