BBC Sport’s chief football news reporter Simon Stone

From reading the tribunal’s decision, the complexity of this case is highlighted in a couple of points.

The first is that for the hearing, there were 280 pages of statements and 150 pages of submissions. The second is the verdict itself, which runs to 177 pages.

On pages 161 and 162 of the verdict, eight separate areas in which City have failed in their claim are identified.

However, on page 163, it outlines that declaratory relief, injunctive relief and damages can be sought. This could be a financial problem for the Premier League depending on whether City pursue a claim – which they have indicated they will – and what the size of it is.

Of even greater issue are the comments on page 164, which point out a number of the Premier League’s rules are unlawful as they don’t include shareholder loans. It is this which forms the basis of City saying the Premier League has “violated UK competition law”.

In order to change the rules, the Premier League will need 14 clubs to vote in favour. However, some of the clubs benefit from shareholder loans at preferential (or non-existent) rates. Getting the rule changes required may not be straightforward.

It is also the second time in just over a month that issues with wording within Premier League regulations have been highlighted after Leicester had their financial regulations breach charge thrown out.

That regarded an issue surrounding whether they were a top-flight club on the 30 June reporting date, in a season where they competed in the Premier League but were relegated (before 30 June).

The Premier League feels it is ok after this latest decision because of the number of allegations dismissed but it remains to be seen whether their calm reaction is justified.

The fierce manner in which City have responded to the verdict, allied to the knowledge they are currently fighting the substantive issue of 115 financial charges, which they deny but if found to have breached will be seismic, suggests they have spotted a weakness in the Premier League’s regulations and will look to exploit it as far as they can.