I really think people need to ready themselves for the fact that he is maliciously running us into the ground right now. When all other options evade all sense, even in his warped and confused mind, we are left with the fact that this is being done out of malice.
He won't sell, the regulator won't save us, the EFL won't save us, local MPs won't save us.
As for being punished with new owners, for one thing its been done before (Lutons new owners were punished for revealing historical wrongdoing of the previous owners), and for another, Sheffield Wednesday is the legal entity that broke the rules, a change of ownership doesn't change that. If you think about it, you don't want that to change anything. If not you'd get banks etc flipping their ownership structures if they ever get in trouble with regulators.