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Times article, Burnley/Leeds threaten to sue Everton

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How does the club explain £170m loss over 2 seasons because of Covid when Villa and Newcastle is around £40m each?
 

andy4efc said:
Burnley fan in work has ties to the club. If they go down they have £65m to pay and quick. Parachute covers 30m of that. Player sales the rest it seems.

They'll be fine, becuase they aren't giving pensioners 300k a week, but even so. Daunting.
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There are also payment dates to meet for outgoing shareholders mate as well mate, while interest rates on the loan are in and around 10%, they’ve already burned through 40 odd million in cash reserves.

www.theguardian.com

Burnley's US takeover has left club £90m worse off and loaded with debt

A £170m takeover of Burnley by the US consortium ALK Capital has used the club’s own money, loaded it with debt and left it £90m worse off
www.theguardian.com www.theguardian.com
 

This is the report that I remember reading a couple of months ago. Clearly shows that Everton were in constant talks with the PL and external auditors and all is fine. Burnley and Leeds can do one the absolute bell whiffs. Wish they could both get relegated. Enjoy the championship.

www.liverpoolecho.co.uk

Everton confident of avoiding PL points deduction after losses confirmed

Everton's latest accounts have raised a number of questions surrounding the Premier League's profit and sustainability rules, but the club find themselves in a confident position
www.liverpoolecho.co.uk www.liverpoolecho.co.uk

Everton believe they have comfortable headroom regarding the Premier League's profit and sustainability regulations after the club published their latest set of accounts on Tuesday. The Blues recorded a loss of £120.9m for the year ending 30th June 2021.

However, despite another year with a daunting figure in terms of headline losses, Everton have been in constant and pro-active discussions with the Premier League for a significant amount of time over their finances. The club, therefore, are very confident that they not only fall below the £105m threshold over the last three seasons, but that they have significant headroom - although an official figure would not be confirmed in this sense.

The Premier League offer numerous "add-backs" as part of their regulations, including measures taking into account the impact of Covid-19 over the course of the last few years. Losses of at least £170m, potentially rising to £220m, can be attributed to the pandemic in Everton's case over the course of the last two years - with £103m of that in the financial year ending in 2021.

Other add-backs centre around the building of a new stadium, investment in the academy structure at the club and money spent on improving the Women's team. In all, it can be deduced that Everton are claiming a large sum in add-backs, which is likely to push them under the threshold for the Premier League's regulations.

The club's numbers have been audited and checked over on multiple occasions over the course of recent months and years, with constant talks taking place with league officials in that time. It's understood that the Premier League are happy with the numbers being submitted.

Reports earlier in the year suggested that Everton could even face a points deduction as it was speculated they would be in breach of the profit and sustainability rules. However, that assumption can now be confirmed as being wide of the mark.

The club won't release a specific figure over how much they lie below the threshold set by the Premier League. This is due to them being in a competitive market, and not being required to publicly share that level of information.

But there is a confidence behind the scenes that the Blues are in a comfortable state in terms of financial fair play despite what, on the face of things at least, looked like another series of heavy losses. This was the situation as it stood at the end of June 2021, and so has not taken into account the effects of last summer's transfer window and the recent effects of the January transfer window in 2022 either.

Because of that, it's likely that the club's situation has changed again. Although senior figures at Goodison Park remain confident that they are in a strong position.

It is also believed that profit and sustainability compliance will not be a significant factor in terms of the club potentially selling players in the future. That will remain a footballing decision to be led by manager Frank Lampard and director of football Kevin Thelwell as they see fit, with any money gained being reinvested in the squad accordingly.
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Burnley and Leeds want Everton's finances thoroughly investigated and have asked for an independent commission to be set up to decide whether Everton have broken Premier League rules and whether they have a case to answer.

They have asked for the commission to be set up within six weeks of the date of their letter (May 13).

If there has been a breach they want rules to be enforced, and the maximum punishment is a points deduction.

They want this dealt with before next season's fixtures are released on June 16. They want a quick resolution - unlike the Premier League's investigation into Manchester City's alleged breaches of financial fair play rules which have been going on for more than three years.

There is believed to have been encouragement from other Premier League clubs to take this course of action.
 

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