Fantastic idea in principal but the number of appeals, law suits, even more creative accountancy will just get around it. How would it work in practice? If a club is found guilty in December would they be immediately relegated for example?
First thing that should happen is an end to the "protected football debts".
HMRC first. Administrator next. Banks next.
Just like every other business.
Football should not be a special case.
Add to that those who wish to inject huge money have to do so (after a certain amount) as equity not secured loan notes would also help imo. If the cash injected is equity they fall to the back of the creditor queue if it all goes wrong.