Short-sighted because this issue is the topic of the day, but nobody will care about it in about 3 days. Certainly by the start of next season nobody will care whether this guy remains a minority owner. Nobody had ever heard of the guy until yesterday.
Unprincipled because it's incredibly weak to make an employee/owner a sacrificial lamb in an effort to please people who are just out for blood. And I don't think you can say they are just looking out for the good of the business because setting this kind of precedent about how employees/owners will be treated is not necessarily good for business.