On the question of how the Premier League can propose a penalty, see the Times today;
“It is understood the Premier League believes a breach of profitability and sustainability (P&S) rules should carry sanctions up to a points deduction.
In such cases, an independent commission will take submissions from both parties in the case, the Premier League and the club, on what they believe an appropriate sanction should be if a rule breach has been proved, but the decision is entirely at the discretion of the commission.”
US investment firm 777 Partners has contingency plans in place should the club be punished for an alleged breach of the Premier League’s financial rules.
www.thetimes.co.uk