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.

Football fans have been reacting to the news that the Premier League have lost their legal case against Manchester City

The Premier League’s Associated Party Transaction (APT) regulations have been deemed ‘null and void’ by a tribunal, in a ‘significant’ victory for Manchester City.