who’s the lady in the everton top!
Doris the tea lady cos we dont have a Chairman we sent her.
Tony’s Carp
Player Valuation: £40m
I think we may well end up with 10 deducted or something close to it but it probably won't be constructed like that. IMO the second sanction has to be smaller as it is so closely related to the events leading to the first, both in terms of the time frame and the nature of the issue.
As far as I can see the PL commission didn't accept the way we calculated our 21/22 accounts, and we're implying the recalculation of the 21/22 accounts has sent our 22/23 number over when we thought it was under, having relied on the original number to plan our 22/23 spending etc.
The point Everton will make is that due to the PL's own timeline (at the time) taking so long the commission didn't rule that our 21/22 number was wrong until November 23, when our financial year 22/23 was over. So there was no opportunity to correct our finances in 22/23 as it hadn't been ruled 21/22 was wrong.
Now, the commission don't HAVE to do anything but (if I'm right about what we seem to be arguing!) it seems to me that the fact the error in the 21/22 calculation hadn't been corrected by the PL before 22/23 was over, meaning we had no opportunity to fix it, is a feature of the time lag the PL themselves created in the process.
So this to me that this is, if correct, would be a very strong mitigation for our 22/23 accounts being over, almost to the point where the issue in 21/22 has so directly caused the issue in 22/23 it could be argued it should be completely baked into the 21/22 sanction- we could not have known the outcome of the 21/22 Independent Commission before the end of 22/23 so we were not wrong to rely on the PSR number we had even though it has subsequently been corrected.
I don't know if those are the exact circumstances, but it seems to be that's what's implied by Everton's statement. If those are the circumstances it would be very very harsh to punish us, to anything like the same severity, for 22/23.
gwladysnight
Player Valuation: £10m
That is completely and utterly wrong. Basic accounting procedures mean that expenditure cannot be capitalised until something is probable. Something is not probable until planning is granted. That isn't a Premier League rule it is the cornerstone of FRS 102.
We breached PSR rules two years ago and could have been charged with non-compliance.
What actually happened is that the Premier League and the club came to an agreement that the Premier League would not invoke rule E.51.2.. That meant we avoided being charged and a probable points deduction.
The 13 August 2021 agreement contained the following
(amongst other) terms.
1.2 During the Club's financial years 2017-2020 (inclusive), prior to the
financial year when planning permission for the Stadium was obtained,
the Club incurred costs of approximately £39,346,000 in respect of the
Stadium (the “Stadium Costs”). Given that the Stadium Costs were
incurred in the financial years prior to planning permission being
granted, under applicable accounting regulations, these costs cannot be
capitalised and must therefore be included in the Club’s PSR
Calculation.
1.3 The Club is forecast to be non-compliant with Rule E.51 of the Rules
by:
1.3.1 having a PSR Calculation with losses in excess of £105 million
(the “Threshold”) for Season 2020/21; and
1.3.2 potentially Season 2021/22 and 2022/23
(together the “Potential Non-Compliance”).
1.4 Subject to compliance by the Club with the conditions set out in
paragraph 2 of this Agreement (the “Conditions”), the Premier League
agrees that it will not, either during the Term or at any time after (i)
exercise its powers set out in Rule E.15 in respect of the Potential Non-
Compliance and/or (ii) refer the Potential Non-Compliance to a
Commission pursuant to Rule E.51.2.
2.1 The Club’s PSR Calculation for Seasons 2020/21, 2021/22 and 2022/23
(after the application of any mitigation or reduction by the Board in
accordance with the guidance it has issued in relation to the impact of
COVID-19) must not exceed the Threshold plus such portion of the
Costs as falls to be reported in the relevant period (the “Threshold
Condition”). For the avoidance of doubt, the relevant period is the
financial year in question and the two preceding financial years.
So instead of this being a witch hunt against us the Premier League actually helped us out. They also allowed us to include much bigger COVID losses £170m almost double the next biggest losses which was Arsenal at £86m followed by Villa at £56m.
They also allowed us to include £30m from Usmanov for an OPTION for naming rights despite no one else being interested. The Premier League bent over backwards to help us. When we failed PSR because of the long wait for planning they let us off. When we were going to fail again they allowed us ludicrous COVID losses. When we going to fail a third time Usmano was allowed to write a £30m cheque for an OPTION.
We were given chance after chance. Instead of heeding those chances Moshiri and the board ignored the warnings and tried to claim interest for working capital loans that were not used for the Stadium. Not only that but he tried to back date them.
32. In February 2022 Everton decided to pass on the interest charges payable
under the Rights & Media Funding Ltd and Metro Bank PLC loans by levying
interest on the inter-company loan to Everton Stadium Development Ltd.
The intention was that that interest would be calculated retrospectively from
FY 2018 and all charged in the FY 2022 accounts.
He tried to roll up years of interest charges for working capital and looked to pretend they were for the Stadium. This is despite there being documents that showed that the Stadium was funded by interest-free loans from Moshiri himself. The charge documents from the loans also stated that they were not for the Stadium.
Here are the documents in question.
Use of Funds
If the facility is successfully completed, the funds will be used for working capital facility
purposes. Hence, in the same way as the Rights and Media Funding Limited facility this
additional financing support will be used for operational purposes during the 2020/21
season.
We do not intend to use any of the funds for the new stadium project or to buy players in
the transfer window. These funds will be used to continue to support the Club and all of the
activities that the Club are involved in for the term of the facility.
That representation is incorporated into the Metro Bank PLC loan agreement
dated 29 April 2021. Clause 2.3 reads –
Purpose
The Borrower shall apply all amounts borrowed by it…towards the payment of
indebtedness and its working capital requirements
So there was no moving of the goalposts and there was no new rule. If anything the Premier League has been incredibly lenient with us. Instead of looking at things rationally and coming to the obvious conclusion that the club had pushed things too far we have a PR campaign calling the Premier League corrupt because they finally had enough of our ludicrous attempts to ride a coach and horses through PSR regulations.
tadpole
Player Valuation: £15m
We are in an unprecedented situation.
A few weeks back I'd have taken 4 or 5 points reinstated, and move on. Not now.
This goes to the death. The can of worms is going to get well and truly opened and we will get full compensation from the Premier League. It could take months, it could take years, but we're gonna win this.
i’m losing all hope here
if we had another 50 games to get points i’d be on with it
if we had another 50 games to get points i’d be on with it
Exactly. People need to take their head out their ***. This is no one’s fault other than Moshiri’s.
patvandenhowdareyou
Player Valuation: £225k
The biggest hypocrisy/problem the premier league and EFL have had is that they sign off and give the green light to these "characters" taking over UK clubs, many of them (probably all) with no connection to the club or place. They then punish the club and fans with fines and point deductions when the seemingly inevitable sh?tshow happens, and the people they greenlighted to run these clubs do runners or pull investment. Would love to see what the requirements are to get through their sign off process is - as according to today the guy at Reading had already run 2 clubs into the ground. The guy at Forest looks a bit fruity to put it mildly, and we know a bit about our own Mosh & friends. Look at how many clubs have been saddled with unfit owners over the past few years - each which would have supposedly gone past [Poor language removed] Masters & Ricks organisations and there thorough (not corrupt) processes. They should be held to task to how many charlatans they've allowed to come in and destroy English clubs.
WestStandLower
Player Valuation: £1.5m
The politicians shouldn’t be anywhere close to football some of their observations were extremely superficial and the discussion around dedicated slots to show womans football and indeed the issues re showing 3 pm kick offs was playing to the crowd.
Any football regulator will have to incorporate FIFA and UEFA directives and be governed primarily by the over arching rules that those two organisations agree through their respective confederations.
I am far from sure how those two bodies will view a Government appointed regulator as their view is that there should be no political / governmental interference.
But for me it the rush to throw out the Bath water with the baby there is a great risk that further regulation will stifle football for as opposed to the 20 PL clubs, the 70 + EFL clubs and the thousands of clubs affiliated to the FA each having a voice it will come down to the whims of just one individual namely the regulator.
Bear in mind that the Independent Panel that ruled on your recent case was a small group of individuals , probably swayed by the views of either one or two individuals who as I stated weeks ago had a bee in their bonnet about a fine nor pt being appropriate for a P&S breech
We all remember the clamour to introduce VAR and that went well didnt it ?
Bwana
Player Valuation: £8m
He won't be surprised when tomorrow Palace gets two penos per one foul from Keggers while Keggers stay on the pitch but Pickford & Tarky are being sent off.
i know we have our erm differences
but do you think wel win the first appeal?what’s worrying me to 777 falls apart then what? and we owe them money
so could be docked again and then in debt to them
Gallaeo
Player Valuation: £950k
if we had gotten that then it would have applied with the latest breach
tidy
