The penalty was agreed so that the Bulls could stay in a Licensed competition. To then move the goalposts and re-introduce relegation IMO makes the whole thing look shambolic. It leaves the Bulls well behind the eight ball for what could be a make or break 2014 season for a number of clubs in the league.
Mr Khan probably had no other option than to accept those terms, but I feel that the money should have gone to the creditors of the old company, not be spread between the other Super League clubs. That left the Bulls, in effect, even worse off.