The problem for EFC regarding administration (apart from the points deduction) is that someone else comes in to run the business. That person will need to do everything they can to stop EFC becoming insolvent - including obviously selling assets (eg: players). The "club" as we know it will have...
In relation to the two highlighted points:
1. They didn't lose the case.... 7 of the 9 points were upheld. Of the 2 they didn't win, the important one related to not properly taking account of other benchmarks [probably a schoolboy error, but the good news is that there's now much more...
Whilst Everton get 4 points back, this surely makes it much more likely that they'll be docked further points (in relation to the alleged second breach). The independent appeal board found in favour of the initial commission on 7 out of 9 findings. The ones they over-turned related to (a)...