It is different though mate. There is no court case, so no costs to Wasps to defend, and no damages can be awarded by the EC.
It's an investigation into the Council directly. it won't be adversarial or played out in a public forum. The EC will presumably ask Coventry City Council to provide all their documentation about what's gone on, and then they'll weigh it against how they feel EU law should be applied. That may differ slightly to how English courts have viewed it so far, but I wouldn't hold my breath, personally.
If they find the Council have followed the rules, as they've claimed all along, then they've got nothing to worry about.
Howeve, if the finding does go against the Council, then possibly at that point SISU try the Rnglish courts again. Then it becomes legal action in the true sense of the word.
Even then, it's not clear to me that SISU could claim damages direct from Wasps, or force them to pay the Council the true value. It's possible I suppose, but I'd have thought the easier route would be to claim directly against the Council.
Either way, it's surely got be at least a year before we get anywhere near to a decision, and much longer to get to court again. There's no reason to not do a short-term deal now whilst it plays out, but there's also no way we should offer to indemnify Wasps against possible illegal actions by the Council. That's a ridiculous request.
Wasps got a very good deal on the Ricoh, did it in secret, and were fully aware of the history between the Council and SISU. There was every possibility it would be challenged in the future, if they were worried they could either have stayed, looked elsewhere or asked the Council to indemnify them. They are not, despite all the various claims, an innocent party.