"On behalf of the board and the League, I welcome the panel's findings in their entirety," said Mawhinney.
"It has found that the actions we took were reasonable and appropriate in these unprecedented circumstances and that we had the power to act as we did.
Mawhinney revealed he had not spoken to Ken Bates in the wake of the verdict from the arbitration panel.
"I haven't spoken to Mr Bates so far and it is not my job to inform anybody of the decision," added Mawhinney.
"This wasn't my decision it was simply the tribunal's decision and I am just responding to their decision on behalf of the board and the Football League."