The entire statement can be read here.
In essence, the seminary's board seems to be saying three things:
(1). President Paige Patterson (administration) violated the charter and by-laws of the seminary when he admitted a practicing Muslim into the seminary. With lawyer-esque language, the SWBTS's board of trustees said, "there are inconsistencies between the seminary’s bylaws and the actions of its administration and board." Translation: Our bylaws were violated.
(2). President Paige Patterson should have requested from the trustees an exception to the bylaws prior to admitting a practicing Muslim. The statement reads: "(we) acknowledge an exception should have been requested until such time that the bylaws could have been amended for launching various initiatives." Translation: Trustees had no knowledge of, nor did we give permission for, the admission of a practicing Muslim.
(3). The Seminary will begin the process of changing the bylaws in order to allow future admission of practicing Muslims into the seminary. The statement reads: "(We) are taking steps to amend the seminary’s bylaws to improve accountability that will allow for flexibility in pursuing ministry opportunities such as the one at the Darrington Unit." Translation: We agree that practicing Muslims should be admitted into the seminary in the future and will change the bylaws to make this possible.
The statement concludes with a statement of support for President Patterson, stating that "Any violations of the seminary bylaws were done in a good-faith..."
So, the solution to a practicing Muslim being admitted into Southwestern Baptist Theological Seminary in violations of the school's charter and bylaws is to change the bylaws to make this practice acceptable.
This is an interesting development.