One thing that Sam Lee in the Athletic has talked about re the CAS appeal:
What else would a ban mean for City?
A Premier League points deduction is a possibility.
The Premier League has been investigating City, but it appears to be waiting for UEFA and CAS’s decisions before announcing their stance. The Premier League has its own FFP regulations, although they allow for far greater losses than UEFA does — an English top-flight club would have to make losses of more than £105 million before any punishment, which could include a points deduction.
This area is tricky as City have been found guilty by the CFCB of overstating their revenue — it is not clear whether, or by how much, City would have breached UEFA’s FFP “break-even requirement”, meaning that clubs cannot spend more than they earn. If it is established at CAS that City would have made big losses, it would be easier for the Premier League to act.
However, one hitherto overlooked element of this whole case is section J7 of the Premier League handbook, which covers “UEFA Club Licence Applicants”:
“Any club making a false statement (whether made verbally or in writing) in or in connection with an application for a UEFA Club Licence or falsifying a document produced in support of or in connection with such an application shall be in breach of these rules and shall be liable to be dealt with in accordance with the provisions of Section W of these rules.”
In short, if a club has deceived UEFA in the process of applying to play European football, it will be punished by the Premier League, which again could mean a points deduction.
So if CAS were to reject City’s appeal, the Premier League will be automatically handed a reason to punish City — regardless of any financial losses City may or may not have made — because they would have been found to have misled UEFA and also the Premier League, which is covered by section J7 of the league handbook.
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Insert Klopp's 'what a pity' gif here