There is nothing in the rules that says you can't break FFP and not get promotion, so promotion wasn't cheated. It looks like they tried a bit of creative accounting to avoid the fine, that's the long and short of it. Plenty of teams in the championship and other league (errr... you) have and continue to break FFP. They all get punished according to the rules. Nobody will deny the owners invested to get out of the championship.
As for administration, seriously. Do people just spurt out a load of rubbish without doing a single piece of research? Look, if you'd like the real story then google about Eric Hall (the old agent). Or the collapse of ITV digital which helped drive about 12 clubs into administration within the space of a year.
Also, with regards the league. It wasn't Leicester going into adminisration that made them change the rules, much was to do with HRMC changing the rules with regards preferential creditors. The league stated they were worried about clubs no longer being forced to pay back what they owed in Tax, would increase the amount of teams going into administration, as it made the path easier for teams to come back from it. There were 25 teams who went into admin before Leicester and there were 7 who went in after, all without any points penalties and some owing more than Leicester did.