12.2.3
during the period between the conclusion of the last Play-Off Match and the start of the following Season, its playing record shall not be expunged but the number of relegation places from the Division in which a Club would have played (in this case I read that to mean League 1 as that is the League they would have been playing in) but for its cessation of membership, shall be reduced by the number of Clubs ceasing to be members and, during that Season, the relevant Division shall operate with a reduced number of Clubs.
To me, that clearly means League 1 will have a reduced number of 23 clubs.
during the period between the conclusion of the last Play-Off Match and the start of the following Season, its playing record shall not be expunged but the number of relegation places from the Division in which a Club would have played (in this case I read that to mean League 1 as that is the League they would have been playing in) but for its cessation of membership, shall be reduced by the number of Clubs ceasing to be members and, during that Season, the relevant Division shall operate with a reduced number of Clubs.
To me, that clearly means League 1 will have a reduced number of 23 clubs.