If you want to know why the Sheffield Wednesday points deduction was halved you can read the 41-page judgment here: https://www.efl.com/siteassets/efl-documents/youth-alliance/201104---sheffield-wednesday-fc-v-efl-appeal---decision-final-201116.pdf
The panel decided there was a mitigating factor not taken into account in the original decision in relation to the timing of the stadium sale.
Nevertheless, 'it was very substantially in breach on account of the massive overspend. The scale of the overspend was such that in our view a deduction of points was clearly warranted in order to deter egregious overspending by wealthy clubs and to preserve the integrity of the P&S regime.'
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