No, I think it is a disingenuous PR exercise
I tend to agree with this. If EFC want to take the high moral ground they should return the money for this membership (on a pro-rata) basis and say they won't be associated with this behaviour. Cancelling the membership doesn't cost the club anything, so I'm a little sceptical of the whole thing.
In my view, if you make a stand and it costs the other guy then its pretty feeble.
As far as the original offender goes, no real sympathy. This isn't the 1800's any more. If he can't keep his racist opinions to himself then he deserves all he gets. Society in general has made it very clear for a long time now that sort of behaviour is both unacceptable and unlawful, not to mention displaying above average stupidity