Obviously we will not know the breach until the findings of the IC are released... IMO the referral could also be the following :-
PSR calcs for 2023 had to be submitted BEFORE our 2022 PSR appeal had been completed, I heard a mention that Everton asterisked the 2023 calcs as subject to change pending 2022 appeal outcome.
Obviously the PL made our 2022 PSR calc at £19.5m higher than we submitted, so if their is a breach, any breach below £19.5m should not be punishable, why you say?
1 - After the 2022 appeal Everton had no way they could correct the accounts in 2023, because they had already been submitted before the 2022 appeal had finished.
2 - We were punished for a £19.5m breach, so if the breach is less that we must have been compliant in 2023, i.e. PSR loss for 2023 is less than the permissable £35m, but as an overall there would still be a breach in terms of PSR.