Right result. If not every club would be owned by a parent company.
Don't dispute that, but from a legal position, the football club is not in administration, even the administrator has come out and said that.
Therefore, there is a loophole here, I'm not suggesting it's right, but if the rules and reg's are properly followed, then the punishment is wrong.
I know the firm that consulted on the football clubs structure and they knew exactly what they were able to do, surprised other clubs weren't aware of it. (Not that it matters now anyway)
I don't think it would make a difference as Saints will get relegated this season, and to be honest on their play, it's what they deserve.
Hopefully though, the club will sort out it's financial situation and get onto a more stable footing, whichever level of the league that happens to be.