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Post by rugbytoffee on Apr 2, 2023 14:05:54 GMT
What's causing the losses? Muppets who have no actual business sense and lack of commercial clout
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Post by rugbytoffee on May 17, 2023 7:17:28 GMT
Everton could face a £300million legal challenge from rival clubs if they avoid relegation from the Premier League this season.
The Toffees were charged by the Premier League with an alleged breach of financial fair play rules in March. The club have posted staggering losses of £372m over the past three years, in excess of the £105m limit. Everton have denied any wrongdoing - they have also not been found guilty of breaking any rules - and vowed to “strongly contest” the charge, which could carry a substantial points deduction if proven. But that punishment isn’t the only possible outcome, with Southampton, Leicester, Leeds, Nottingham Forest and Burnley all eager to pursue compensation as well. The Daily Mail reports that the five angry clubs applied for Everton’s disciplinary hearing to be fast-tracked so that any punishment dished out would be applied to the current season. The commission looking into the allegations rejected this request, prompting the clubs to lodge legal papers making them party to the dispute.
While there are five clubs involved, the £300m claim would be brought by the two clubs who are relegated alongside Southampton, were Everton to avoid the drop. They believe they would be entitled to £100m each, which is an estimate of the loss of Premier League income for one season after the deduction of parachute payments.
Despite winning the Championship to return to the top flight at the first time of asking, Burnley due to their annoyance over Everton’s finances from last season. Burnley’s relegation last season meant they missed out on valuable TV money and the drop meant they were forced to repay a £65m loan early. Leeds and Burnley wrote to the Premier League in May of last year to complain about Everton’s financial losses.
At the time, Everton said in a statement: “The club strongly contests the allegation of non-compliance and together with its independent team of experts is entirely confident that it remains compliant with all financial rules and regulations.
“Everton is prepared to robustly defend its position to the commission. The club has, over several years, provided information to the Premier League in an open and transparent manner and has consciously chosen to act with the utmost good faith at all times. The club will not be making any further comment at this time.”
In their most recent accounts the club attributed £90.4m in losses to the Covid-19 pandemic, yet that means their losses still stand at £223.1m over the past three years, well above the Premier League’s permitted limit.
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Post by evertonfan1968 on May 19, 2023 14:37:59 GMT
We could end up going down and then getting a points deduction.
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Post by rugbytoffee on Oct 4, 2023 8:19:31 GMT
Everton FC could be hit by a £300m legal claim if the club is found guilty of breaching Premier League financial rules later this month.
A hearing is scheduled for October 25, linked to Financial Fair Play guidelines, and any legal action could jeopardise the club’s proposed takeover by Miami investment vehicle, 777 Partners, it is claimed.
The Premier League launched the probe following a fifth consecutive pre-tax loss revealed in Everton’s latest accounts earlier this year.
Profit and Sustainability rules mean clubs cannot lose more than £105m over a three-year period. Everton has suffered a £313.5m loss for the previous three years.
The club says an element of that was due to COVID-19 restrictions. It said it has worked closely with the Premier League on its accounts, and denies breaching any FFP rules.
However, Burnley, Leeds United and Leicester City, who have all been relegated, have written to the Premier League informing it they will sue, for £100m each, if Everton is found to have breached the rules, claiming the Blues have gained an unfair advantage, according to the Daily Mail.
Burnley has since regained its Premier League status.
It is feared that any legal action could jeopardise the deal with 777 Partners, which is still to be ratified by football and finance watchdogs.
The Mail claims the three clubs have written to 777 Partners regarding the claim, but it is understood no such correspondence has, so far, been received.
Also, any potential fine is likely to be the responsibility of the vendor, current Everton owner, Farhad Moshiri, and not 777 Partners.
Everton FC has declined to comment.
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Post by evertonfan1968 on Oct 6, 2023 10:39:55 GMT
What about Chelsea and City?
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