The Premier League is always the north star for any Championship club but the glistening stage has become somewhat messy since Leeds United were last on it.

The Whites were in the Premier League when Manchester City were levelled with allegations of financial wrongdoing in February 2023, but that was just the start. Points deductions, legal rows and new finance proposals have all followed since. The best league in the world on the pitch is fighting to keep its integrity off it.

While the verdict on the hearing for the 100-plus charges against Man City is expected to be shared before long, the champions - who deny all allegations - have been fighting another legal battle regarding sponsorship rules, namely Associated Party Transactions [APTs].

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This framework was established in 2021 on the back of Newcastle United being taken over by the Saudi Public Investment Fund. Essentially, it gives the Premier League the right to assess deals struck between clubs and outside companies or entities that are connected with their owners.

Using legal jargon, this enables the League to be a watchdog over sponsorship agreements to ensure fees are not bloated above “fair market value” and thus unfairly provide more headspace within financial spending limits for said club.

Last year, Man City took issue with the rules, claiming they were discriminatory against certain owners, including their own. An independent panel determined that, while there was a need for such rules, some aspects of the framework were indeed unlawful.

One of the issues centred around shareholder loans - money lent to clubs by their owners - and that they were not subject to interest rates, unlike the deals between clubs and owner-connected entities. The Premier League was told to amend its APT rules.

New draft proposals were voted through by Premier League clubs in November, despite opposition from City, Nottingham Forest, Aston Villa and Newcastle. However, overhanging this was a row over whether the previous set of rules are still enforceable for the period they were in place.

And that brings us to Friday's judgement that, actually, no they are not. It means clubs who felt they were forced to lower their sponsorship agreements between 2021 and 2024, before the new amendments, could potentially look to claim compensation. This could cost the League tens of millions.

The money would come out of the Premier League pot, from which proportionate prize money and commercial revenue is distributed. It is unclear what impact the many legal cases the Premier League has had to fight over the last 18 months will have on this money and whether it will affect what Leeds would receive should they get promoted.

The situation is complex. For example, while the verdict of 100-plus charges against Man City will be delivered soon, both parties involved have the right to appeal, which could push the ultimate outcome - and potential punishments - back to the summer.

Meanwhile, as for APTs, the new amendments to the framework still stand and are valid, so APT rules will still be in place should Leeds go up. The latest revision of the regulations means any loans handed to Leeds by 49ers Enterprises will be subject to interest charges and thus incur greater costs.

This in theory creates an even playing field but, of course, clubs with greater financial pockets can cope with such interest costs better than others and thus be able to offer more cash-in-hand.

The danger is that it could further contribute to the widening of the gap to clubs with wealthier owners. Meanwhile, separately, the current Profit & Sustainability Rules [PSR] - the Premier League’s version of Financial Fair Play - will stay in place for next season.

Within this is the allowance for Premier League clubs to lose up to £35m a season. For comparison, in the Championship the limit is a little over £13m.

There had been complaints that the current PSR structure disproportionately affected lower-table clubs with weaker finance resources and made it harder for them to cut the gap to the 'big six' clubs.

New PSR proposals have been tabled, including differing thresholds for those competing inside and outside of Europe, but none will come into effect next campaign.

So Leeds will still be beholden to the same PSR rules that were in place the last time they were in the top-flight. All of this is taking place amidst the backdrop of a pending football regulator.

A Government bill is currently going through Parliament and Premier League chief Richard Masters says the regulator could be established by the summer, which would throw a whole new complexion over financial management at Leeds United and the entire football pyramid.

The regulator has opposition from several Premier League club owners and league officials themselves, albeit all are powerless to stop its implementation if it is signed off by MPs.

The Premier League might be the promised land but it’s also a very muddy one right now.