there is no doubt that it [Everton] failed to discharge the duty of utmost good faith imposed by B15. This is an aggravating factor that increases Everton’s culpability.
This is directly lifted from the commission report on the case from the part where they are discussing the stadium cost and in particular the interest free loans.
This is the fundamental difference between Portsmouth going into administration and Everton’s case for me - Everton lied and Portsmouth didn’t. So you’d expect the club that lied to be punished more severely and therefore getting a bigger points deduction than Portsmouth makes sense.
Pulitzer prize worthy