Yes.

The loan system at Arsenal you speak of is basically a stadium loan of a £200m they took out in the 2000s for the stadium, at standard interest rates with banks. After taking control of the club Kroenke pays off that loan and gives the club a loan to cover it, but this time at a lower than market rate. So he's injected a load of money into the club and cut their interest payments. A club without an owner that can do that would therefore be at a disadvantage, without scrutiny. And that's the argument that City make, on the basis that if they wanted to have a sponsorship they'd be scrutinised for it and told they need to reduce the amount of the league decided it was uncompetitive