Sadly the FA hasn't the balls, and Wham has too much influence there. Not only Brooking, you forget that Magnusson was very high up in the Icelandic FA and with UEFA. He will have cast-iron contacts.
They won't do it ... on the other hand if it had been us we would have been accused of wasting their time in frivolous actions and had double the points deducted ;-)
I think they will get a big fine and a suspended points deduction. The argument will be the previous regime was the cause so it is unfair to blame the current owners of the club for the cockup. If they deduct points then the relegation places will almost certainly end up being decided in court and there is no way the Premier League will want that to happen.
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Sadly the FA hasn't the balls, and Wham has too much influence there. Not only Brooking, you forget that Magnusson was very high up in the Icelandic FA and with UEFA. He will have cast-iron contacts.