Brussels has upheld the claim by Ryanair that Spain is not able to revoke Ryanair's licence. Brussels has affirmed that a licence may only be revoked by the government of the country in which the company is licensed - in this case, Ireland. Here's a link to a summary in the Spanish paper Las Provincias:
La UE recuerda a Espaa que no puede retirar la licencia a Ryanair. Las Provincias