If you read the judgement in full it well reasoned and makes sense. Some of the things Kiko and Leeds said early on in interviews etc did seem at odds with statements from other players.

As the burden of proof was balance of probabilities not an unreasonable conclusion for the panel to come to imho.

The words used were deemed to make the abuse aggravated and hence the punishment.

The panel did find Kiko is not racist but having become angry after the exchanges at the corner used the form of words alleged by the Charlton players.