It doesn't sound like there is. Even from my loony lefty point of view this is crackers. If they had complaints it should have been a quiet word suggesting he avoid using the term again at most. Not removing a bloke's income for the month leading up to Christmas. Edit: Turns out he has a history of sexist comments and had been previously warned which wasn't reported in the story I read.
Went mad this morning too http://barnsleyfc.org.uk/threads/bbc-radio-lincolnshire.298062/#post-2599299
Other comments included him saying "I think the referee’s wife’s in…" and “[he's] being a bit of a drama queen….. he’d have been better wearing a skirt.” He had previously been warned about the use of outdated, sexist language. The Daily Mail probably didn’t mention that bit.
I had a feeling it might well be the tip of the iceberg. In any job there are things you may not agree with, seemingly daft ott policies but if you want to work then they have to be followed not flouted.