What happens next in the tapping-up saga?

Where do the key players in the tapping-up saga go from here?

Chelsea

The club have signalled their intention to appeal to the Premier League's Appeals Body against their £300,000 fine and suspended three-point deduction and will formally write to the Premier League by the start of next week. Chelsea will argue that their sentence is disproportionate to the crime, pointing out that they have been fined five times as much as Ashley Cole for a similar offence. The League will announce a date for the appeal in the next few weeks, which will be heard on the basis of the documents rather than oral evidence, and they hope the process will be completed by the end of July.

Arsenal

David Dein professed his happiness at yesterday's verdicts and the entire process, but one got the sense that he protested too much. Although they have not been punished themselves and were not even charged, Arsenal are the biggest losers in the whole affair, having lost out on a potentially huge transfer fee for Cole and suffered an irrevocable break in the relationship with one of their key players. Chelsea have already sworn to take revenge and Cole could have the last laugh by leaving Highbury on a free transfer.

Jose Mourinho

The Chelsea coach has already shown his annoyance by cancelling his holiday to Florida and his children are unlikely to be happy at missing out on a trip to Disneyworld. Mourinho loves a fight, though, and, having missed out on the opportunity to appeal against his UEFA touchline ban, will relish the opportunity to put one over the Premier League. The Portuguese's transfer policy has been damaged by the whole affair, however as, no matter what Chelsea say, Cole was a serious target. Mourinho told friends in January that his main targets were Cole and Steven Gerrard and he is unlikely to sign either.

The agents

Jonathan Barnett and Pini Zahavi were both savaged by the Independent Commission's verdict yesterday, but whether they face any action remains to be seen. The Football Association have vowed to investigate Barnett's precise role following allegations that he manipulated Cole into attending the meeting against his will, but Zahavi's case is more complicated as he is registered in Israel. The FA could hand the matter on to FIFA but it would be unwise to hold one's breath.

Ashley Cole

The England defender has taken a surprisingly close interest in this rather complex affair, voluntarily attending both days of the hearing and flying back from New York early to witness yesterday's verdict, but cannot have liked what he has seen. For all his claims to the contrary, David Dein was largely responsible for his own player being found guilty of approaching another club and the rift between both parties now appears irreconcilable. Cole's immediate aim is to clear his name through an appeal to the Premier League and ultimately the Court of Arbitration for Sport but he may also begin to cast around for a new club, without approaching them of course.

The Football Association

With the Premier League having made a bold start by handing out record fines to all parties and a suspended points deduction to Chelsea it is up to the FA to launch a full-scale investigation into the role of agents in football. Most parties agree that Chelsea's offence - a preliminary meeting with contracted player but no formal offer - was relatively minor but more serious cases of tapping-up take place all the time. Whether the FA will do anything about it is a different matter.