Nick Mashiter, BBC Sport football news reporter
It is not just relief, there is a feeling of vindication at the King Power Stadium after the ruling.
Leicester stood their ground and successfully argued the Premier League acted outside of its own jurisdiction to charge the Foxes with a breach of Profit and Sustainability Rules (PSR).
While they may be accused of exploiting a loophole, the club want the rules to be enforced as written, rather than being open to interpretation.
Having extended their accounting period to 13 months – filing on 30 June 2023 – to bring Leicester’s accounting in line with the rest of the business, the Foxes were not a Premier League member, having handed in their shares after relegation, and therefore could not be bound by the top flight’s rules.
It is ultimately what has saved them from a penalty but it is understood Leicester feel it underlines the ineffectiveness of the rules, given they are not the only club to file on that date, meaning the league would potentially struggle to enforce them on others too.
The Premier League has questioned the ruling and suggested those who may breach PSR could avoid punishment in these circumstances.
The league says “this is clearly not the intention of the rules” and the verdict “fails to take into account the purpose of the rules”.
The league will now consider what further action it can take to ensure it is able to enforce its rules consistently and “maintain the principle of fairness”.
An appeal is unlikely given the high bar of what it would have to prove, but some rules could be rewritten to avoid a repeat scenario.
A points deduction had been looming at Leicester, but the lifting of that spectre will be a weight off the club and manager Steve Cooper after a start of one point from their opening three games.
Now they have won a huge battle off the pitch, the focus is solely about the fight on it.
