Financial Fair Play investigation

Status
Not open for further replies.
gwladysnight said:
Of course, it is. The Guardian ran a piece stating that BDO were resigning as our auditors over concerns regarding Moshiri's ownership. Both the club and Moshiris made statements in October 2022 that BDO was still our auditors. That is almost half a year after the end of the 21/22 financial year.

For Crowe to sign off our 21/22 accounts after that statement is pretty remarkable.
Click to expand...

It is not remarkable at all.

Changing auditors can be and is done for very valid reasons.

I’m not saying that the change for Everton is all above board and wasn’t the result of some awkward findings, by the way. It’s just not true to say it is automatically a red flag.
 
davek said:
I think it should only be a fine mate; I just think in this climate of the politicisation of the PL there'll be some OTT punishment. Maybe that's a huge fine or a squad cap or whatever. There should never be points deductions on the table. That's just the desperate howls from club's who aren't good enough to stay up in the PL regardless of how much Everton have spent.
Click to expand...
The whole P+L thing is surreal, it clearly is not narrowing the gap between the Super League clubs and the rest of us, but widening it.

If/when we do get punished I hope we point out that six football clubs tried to destroy the very fabric of English football and got themselves a 3m fine.
 
I mean I am very worried, as we all are. However the only saving Grace at the moment is there is no actual written punishment for the ffp rule break. As people have said surly if we are punished badly, I.e a points deduction or transfer embargo then Everton will complain to the Premier League about clubs such as Man United, Newcastle, Arsenal etc etc etc, whom have all posted massive losses.

I would hope, fingers crossed, that as there is currently no precedent that we get a fine and a telling off. That way we can get our act together and ensure this doesn’t happen again. Get the youth academies doing what they are supposed to be doing and get the young lads getting a game. If and when they become good then are then saleable assets for pure profit, Gordon style.

What I do hate is the timing of it all. International break comes along, the media is quiet, transfer windows are shut, the media is quiet, there is nothing to talk about and boom! Everton charged with FFP breach. This should of happened at the very end of the season once the league was done, now, if we go down, do we have a case against the Premier League for doing that to us before we go into the last 10 games. Where are their responsibilities? Where is their protection of Everton? Our players could essentially now switch off and cause of relegation and folding of the club. Mentally that’s a hard thing to deal with considering it’s been all over the news and the media now for the last 2 weeks. It really is a disgrace.

The whole 12 months thingy aswell is a worry. We need to hope they don’t throw the book at us, we need to hope we stay in the league and we need to hope that Farhad gets investment asap from anyone that’s got a shed load of money. This was all supposed to be a dream…… what a nightmare.
 
Well apart from being spendthrift wastrels, and having an inept board, this whole thing is rather underwhelming.

Given the perilously similar behaviour of other clubs, do you make a rod for your own back if your the PL with a hard punishment or try and get a sensible proportional response that means clubs sort out their problem financial behaviour and don't have to punish a cash cow club when they breach?
 
1680295112631.jpg

Finances in a nutshell
 

gwladysnight said:
Of course, it has relevance to the charge. Even with crystalized COVID losses we would have still failed P&S rules. We presented the Premier League with unaudited accounts that we assured the Premier League would pass the P&S rules when the uncrystallized COVID losses were crystallized.

The Premier League took us at our word. Our whole defence is based on the notion that we would have passed P&S if it were not for a depressed transfer market resulting in lower player trading profits and higher amortisation and wages.. We were not able to quantify those losses in the 20/21 accounts. BDO have resigned and laughably we still haven't quantified those losses in these accounts.

This is what the club stated in the last accounts.

Please note the table above does not include uncrystallised COVID-19
pandemic related losses arising from the significant deterioration in the
player trading market. The ability of the Club to generate material profits on
player trading, which also yields significant wage and amortisation savings
due to the players no longer being contracted to the Club, has unquestionably
resulted in a material and negative impact on the Club across the last three
reporting periods.
The Club is continuing to assess the uncrystallised financial impact caused
by the COVID-19 pandemic and the Board of Directors strongly believe that
a further substantial financial loss, not reflected in the £90.4m cumulative
crystallised figure referred to above, has been incurred by the Club


No wonder BDO ran for the hills.

Our defence to the P&S losses is that we lost money because of COVID, we can't quantify it but we are still working on it. It exemplifies everything that is wrong with the way the club has been run for decades.
Click to expand...
To be fair to the club they have a strong argument around covid...if you look at this year, zero covid impact and will probably be the first year where we don't lose money or losing just a little bit compare to some other teams in the league that will struggle to balance the books.
 
Brennan said:
It is not remarkable at all.

Changing auditors can be and is done for very valid reasons.

I’m not saying that the change for Everton is all above board and wasn’t the result of some awkward findings, by the way. It’s just not true to say it is automatically a red flag.
Click to expand...
The red flag is respected Newspapers running a story saying that BDO was resigning. The club issuing a rebuttal stating that BDO were still our auditors followed by another company auditing our accounts.

At a time when Moshiri is looking for investment for the BMD it is nothing short of shambolic.
 

Clearly nothing more than we already knew with this, the club is run like a basket case and that board should be embarrassed. Kenwrights diatribe is up there with some of the MAGA/autocratic types of this world in levels of delusion.

That aside, there’s clearly a taste for blood in the media putting out all kinds of reports of doom before the end of the season.
“Don’t punish the fans” suits when it suits a pundit with a vested interest. What should be reviewed by any “independent” investigation is the unsustainable stench of bias in the league of the sense of how FFP is rigged to uphold the elite for example broadcast rights shares and coverage and the protectionism of the status quo.

The super league kicked of anger with “fans”, problem is, it’s already here by stealth.

If the premier league look to use us a political example, there’s much more collateral damage such as the ground and northern regeneration as one poster mentioned than a short term headline to satisfy an MP or two.

The noose is tightening on the premier league gravy train and the bubble will burst. Shamefully it’s Everton’s downfall that will bring the house of cards down.
 
Bebeto said:
To be fair to the club they have a strong argument around covid...if you look at this year, zero covid impact and will probably be the first year where we don't lose money or losing just a little bit compare to some other teams in the league that will struggle to balance the books.
Click to expand...
It is embarrassing we are stating that we would have met P&S rules if it were not for uncrystallized COVID losses. Then stating in the latest accounts that we can't put a figure on those losses three years later.
 
We’re bang to rights guilty really, we’re over the threshold looking at the accounts.

Suspect the club is going to argue Covid losses and the other Deductions to the PL to bring down the overall loss to the magic 13 mill figure, that would make us compliant. It’s criminal it’s come to this really.

Other take homes:

- Our losses haven’t improved drastically despite a lower number, we brought in a lot of revenue last year in sales then the year before, add that to our loss and the business is still a basket case and we haven’t reduced costs that much in 12 months.

- Still utterly dependent on Moshiri.

- Wages to turnover still ridiculously high

- Relegation we are in very serious trouble, very serious.
 
Last edited:

Status
Not open for further replies.

Welcome to GrandOldTeam

Get involved. Registration is simple and free.

Register
Under The Lights
ORDER NOW
Blue Skies
ORDER NOW
Everton Mishmash
Check It Out!
Everton Pint Glass
ORDER NOW
Support GOT
With A Subscription
The Holy Trinity Everton T-Shirt
Order Now!
Goodison Park Print
Order Now
Holy Trinity
Order Now
Legends of Goodison Park
Order Now!
Shop with Amazon
+ Support GrandOldTeam
Everton Shirts
Order Now
Everton Mishmash Jigsaw
Order Now
Match Day Print
ORDER NOW
Goodison Park
ORDER NOW
Goodison Welcome
BUY NOW
Bramley Moore Everton T-Shirt
Order Now!
Top