Yep, agree with this (apart from the independent regulator bit). The PL have put themselves in a terrible spot by opening an investigation too quickly after the UEFA case broke. Now they are stuck with how to get out of it.
Politically, they can't now drop the case, especially after the press have whipped up the idea of fraud and misleading auditors, which I don't think is the PL charge at all btw. But if they let the case run, they are likely to suffer the same fate as UEFA.
They should have waited until CAS was finished, accepted the results on those issues, then decided if any of the time-barred issues, or any other issues such as, for example, how we accounted for shared services, image rights and so on, warranted a further investigation according to PL rules.
Shame.