We founded New York City and immediately loaned Lampard from them. We saved ourselves a tonne of money and got a useful squad player for a season. It wasn't the same as this Barca / Valencia agreement but it's fishy enough for UEFA to come sniffing, and as far as we're all aware they haven't done yet. My point is that it's hard for us to take the moral high-ground in this instance when we've exploited loopholes for our own gain in similar ways.
For example, we've bought players from football clubs we own before loaning them out to raise their value and profit from their eventual transfers. We've attempted this (or something similar) with Luke Brattan, Aaron Mooy, Anthony Caceres, Mix Diskerud, Jack Harrison, Eirik Johansen, David Villa, Angelino, Shay Facey, and Yangel Herrera. The loophole exists so we've exploited it, but that doesn't stop it from being shady.