Kiko says he said you're f***ing sh 1t. Nketia says all he heard was the wordf****ing. Bonne says he heard you f***ing n****r. It would seem Leko heard nothing until Bonne said to him.
3 out of 4 seem to agree the word f***ing was used but only 1 seems to have heard the N word.
Kiko never changed his story but apparently there were inconsistences by both Leko and Bonne in various statements and testimony.
So the panel decides that Kiko probably said it because the other 2 are more believable and even though Nketia was called by the FA the panel brushed aside his evidence.

