It's essentially a transfer of assets, so to speak. It's not a loophole, as all Ascension teams are subject to a pre-Partnership vetting process to determine their sustainability and capability to participate within the system (and by proxy, the agreement that all Partnership must agree on).
If 2G, even with their supposedly lesser financials either deemed themselves as capable of participating in the system or Riot sees them as a non-issue, then it's up to them.
But if Riot deemed SPG couldn't and the ownership from SPG themselves sees it as a much better solution, then it's a more or less ideal solution (regardless of releasing their current VCL squad).
It's a much better move from Riot considering what happened to TGRD/G2 and any potential similar situations that might happen after.