The @SwedishRumble raised a great question about my PSR calculations below… Did I calculate the impact of Man City’s hidden equity on their PSR using the “full amount” or the “amount greater than FMV”? I used the former and that’s because I think Man City were caught in a trap of their own making. Man City have always insisted that they are not owned or run by the UAE as a state and therefore, its sponsors are NOT Related Parties per Financial Reporting Standards. As such, all contributions from the owner, through the sponsors, would be considered hidden equity and thereby reduce the revenue calculations, leading to a large PSR breach. Man City could have argued that only the element above Fair Market Value (FMV) should be discounted (reducing the impact of their cheating) but that would only be allowed if the SPONSORS WERE RPTs. They would have had to argue that they are State-owned / run after all. And there’s the catch - that would mean they had been lying about the ownership structure for decades. Doing that would almost certainly create grounds for the Regulator to demand the owners sell the club on the basis they are unfit. Damned either way.