APT and PSR: Explaining the Man City - Premier League court case

It's in our wheelhouse.* What exactly did a legal review panel find in relation to the Premier League's "associated party transaction" rules, why are City and the PL spinning this ruling so aggressively, what is an ownership loan anyhow, and what's to come next for the financial regulation of English soccer?

* we also learn the etymology of 'wheelhouse'.

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