Is it really "the gutless administrators" fault? Clubs vote on these rules, they have a hand in setting the punishment etc... It's not like the rules are just passed down from on high with no interference from the club. Additionally, the fines had to pass approval of the Premier League as well...
They were fined £7.6m, which is about right for their loss based on the rules published by Football League. Based on some quick spreadsheet work their fine is for a loss of ~£33.5m. Now, they actually lost £38.3m, but not all losses are factored into FFP calculations, so reducing the losses by...