Man City really should have their approval rescinded in light of the PL's about turn with Newcastle. By all means the bin Zayeds can continue to own the club, just don't allow City to play in the Premier.
If PIF try and mirror the city model, taking piracy out of the equation it would be very difficult for them to justify blocking it on ownership structure alone.
I wouldn’t be surprised if they working on something like this now, or changing percentages.
I think PIF have long forgotten about Newcastle.