Well basically a load of clubs in England got greedy and realised that they could make far more money by breaking away from the FA and forming their own premier league
Several of these clubs got fatter than others by virtue of European revenues that then fed into huge commercial sponsorship deals. For several years they enjoyed winning everything by spending more money than everyone else and taking all their best players
Billionaires wanted a slice of the action and took over Chelsea and City with a desire to spend whatever it took to join the elite. The elite realised that they’d no longer win everything and wanted to make sure no other team could ever do what City and Chelsea did.
The PL crafted P&S rules playing on the support of the six already in the elite and other club owners all desperate to consolidate their own position at least in the top flight so the revenues poured in regardless of the need to actually compete. Win win for everyone.
Everton tried to compete but a combination of the war in Ukraine, covid, trying to build a stadium, Moshiri and Kenwright playing football manager, the player x incident, and a PL absolutely paranoid of independent regulation and enthrall to the elite big six decided they’d make a huge example of an accounting treatment. They’ve then been cowards waiting to release the verdict of the appeal at a time when they anticipate the least reputational blow back
And here we are
