Times article, Burnley/Leeds threaten to sue Everton

[BigDunc'sFod]

Then we should all go after Liverpool, for essentially being bankrupt a few years back.

Nah they recovered all their debts by investing in Salbutamol

 

[Mikey_Fitzgerald]

Every club submitted Covid loss figures.

Gate receipts, prize money and sponsorship was all affected, by every club in the league, that can be "proven", I dont know if any other clubs submitted a claim for loss of income due to player transfers decreasing like we did.

It sounds like we've at least worked closely with the league, which should help us in a case like this

Got to say this is stressing me out a bit

I'd like the league to shut it down sharpish so we can relax

 

[catcherintherye]

A thread like this will encourage the am

That Swiss Rambler blog / string of tweets starts off with the "On the face of it, it does not look good" tone...then it's diluted to a point where debatable claims based on what could possibly be admissible as declared losses are made.

Basically, beyond the colourful spreadsheets, it's not especially better informed than anything we've all been able to muster on this forum.

He's 100% correct on this though: there'll be no quick decision. The magnitude of the consequences means that - regardless of any historical Tevez-WHU example of the speed that a relegation issue can be dealt with - this is punted into the long grass for a very very long time.

He seems to give his opinion. Which is fine. He thinks the numbers are a bit high.

However, hes not qualified to give that opinion. An accountancy firm is, and they have signed off on them.

Hes playing to the crowd. Like the journalist who broke the story, but didnt seem to know that transfers in January 2022 are the wrong year. That's what you are dealing with here. People who dont know the 1st thing about what they are trying to comment on.

 

[Tony’s Carp]

They were already below the loss limit just taking out the crystallised Covid losses. The un-crystallised ones, which are irrelevant to statutory accounting, are meaningless to those clubs, so they didn’t spend tens of thousands on external consultants to identify and quantify them.

Not fact, just my assumption. Other clubs could have found more than us. Haven’t we said on top of the 170m, market analysis has highlighted another 50m?

This could literally be that if it was not for Covid we could have sold DCL for 80m, but because we couldn’t sell due to there being no football, he’s now worth 30m. (Not true I know, just an example)

Other clubs had no need to look at such things as their in your face Covid costs already kept them compliant.

If we are taking the pee with the 170m, pretty brazen to say we have another 50m in the bag. But they may have covered us if we didn’t get PP in time so couldn’t capitalise the initial build costs?

Yeah I think this is a really good point - a big refutation to the "why haven't other clubs claimed....." argument is that there's simply no reason for them to take on the time and cost of researching the full impact of Covid when it's only relevant to P&S and they have no P&S issues.

 

[Yarrgh]

Esk and sons Ltd.

170 million on Witsel and Mata?

 

[catcherintherye]

It sounds like we've at least worked closely with the league, which should help us in a case like this

Got to say this is stressing me out a bit

I'd like the league to shut it down sharpish so we can relax

The league will probably just ignore it. Theres nothing for them to say. The accounts have been approved.

 

[catcherintherye]

Yeah I think this is a really good point - a big refutation to the "why haven't other clubs claimed....." argument is that there's simply no reason for them to take on the time and cost of researching the full impact of Covid when it's only relevant to P&S and they have no P&S issues.

Yes.

Just because other companies dont do a write down, doesnt mean a write down on assets is wrong.

 

[Goat]

It sounds like we've at least worked closely with the league, which should help us in a case like this

Got to say this is stressing me out a bit

I'd like the league to shut it down sharpish so we can relax

I voiced concern at the time Mikey, we literally wiped off 180million from our accounts and said "the fairies took it".

But you can only assume that The Premier League told us it was ok.

 

[wm02]

“If they bought all that ****, you must acquit”

 

[liamefc91]

Wonder what they’ll complain about next?

Maybe they will want points deducted for the amount of blue smoke used

 

[WestStandLower]

They were already below the loss limit just taking out the crystallised Covid losses. The un-crystallised ones, which are irrelevant to statutory accounting, are meaningless to those clubs, so they didn’t spend tens of thousands on external consultants to identify and quantify them.

Not fact, just my assumption. Other clubs could have found more than us. Haven’t we said on top of the 170m, market analysis has highlighted another 50m?

This could literally be that if it was not for Covid we could have sold DCL for 80m, but because we couldn’t sell due to there being no football, he’s now worth 30m.

Other clubs had no need to look at such things as their in your face Covid costs already kept them compliant.

If we are taking the pee with the 170m, pretty brazen to say we have another 50m in the bag.

The way I read it that using the £82 million over the two years( averaged out at £41 million ) wouldn’t be enough to ensure compliance

The point you make about DCL valuation is interesting but would such a scenario be factored in ? After all other clubs did extract value out of a depressed market and even then there is no amortised value attached to DCL which further muddies the water

 

[catcherintherye]

I voiced concern at the time Mikey, we literally wiped off 180million from our accounts and said "the fairies took it".

But you can only assume that The Premier League told us it was ok.

The concern would have been, had they raised it then. They didnt. The club are heavily briefings and have done for some time, the league accepted it. It's not been contradicted.

People who know a little bit about finance (but no more) will get a bit upset. Those people who understand accounts, will see this as quite standard practice.

 

[Goat]

The concern would have been, had they raised it then. They didnt. The club are heavily briefings and have done for some time, the league accepted it. It's not been contradicted.

People who know a little bit about finance (but no more) will get a bit upset. Those people who understand accounts, will see this as quite standard practice.

Lets hope we dotted our Is.

 

[catcherintherye]

The way I read it that using the £82 million over the two years( averaged out at £41 million ) wouldn’t be enough to ensure compliance

The point you make about DCL valuation is interesting but would such a scenario be factored in ? After all other clubs did extract value out of a depressed market and even then there is no amortised value attached to DCL which further muddies the water

I mean, whatever they have written down has given compliance hasnt it? The accounts we submitted complied with rules.

On DCL I dont see why it wouldnt be factored in. Writing down assets to help the P & L is very common practice for companies.

 

[Brownie]

"A second joint letter has been submitted to the Premier League asking them to make sure Everton keep all emails and data related to their business activities."

HEY YOU JUST MAKE SURE THEY KEEP A RECORD OKAY MATE, AND I MEAN I WANT IT WRITTEN DOWN OKAY - OR YOU'LL BE FOR IT!