Both City and the Premier League claimed a victory after October’s initial ruling that found three aspects of the APTs were unlawful, most notably around the deliberate exclusion of shareholder loans, which is when a club borrows money from its ownership group, usually interest-free.

The Premier League's sponsorship regulations between 2021 and 2024 are "void and unenforceable," a tribunal ruled on Friday.

The APT rules seek to ensure deals done between clubs and entities linked to their owners are for fair market value.