200 million is nothing, but retroactive punishments feel hollow. They hand back a few trophies and then keep going? Let them represent England in the Champions League next season? Swear they're following the rules this time?

I feel like future punishment is a more firm deterrent. Relegate them. Preferably down a few divisions. Make them prove they can make their way back to the Premier League by operating the club within the rules (and with a much smaller budget) for a few years.

It would certainly be a huge deterrent for other clubs to think about doing the same.