Premier League club Everton have been hit with a ten-point deduction after being found guilty of breaching Financial Fair Play (FFP) regulations.
The Toffees faced intense scrutiny over their financial dealings after staggering losses of £371.8 million – £266.8m over their allocated budget.
This financial reckoning has dire consequences for the club’s future as it has cast a shadow of doubt over their imminent takeover by 777 Partners.
The deduction is a stark reminder of the Premier League’s commitment to upholding FFP principles. They hope to set a precedent for other clubs.
Manchester City and Chelsea remain under investigation for breaching FFP rules, and they will be holding their breath for when their punishments will hit them.
The ten-point penalty is a record, surpassing the previous mark set in 2010 when Portsmouth incurred a nine-point deduction due to administration troubles.
The repercussions are dire for Sean Dyche’s side. They will plummet from 14 points to four, leaving them languishing at the bottom of the Premier League table alongside Burnley.
Everton responded to the charges with an immediate statement expressing shock and anger at the decision as they had denied any wrongdoing.
“Everton Football Club is both shocked and disappointed by the ruling of the Premier League’s Commission,” they said (via EvertonFC.com)
“The club believes that the Commission has imposed a wholly disproportionate and unjust sporting sanction. The club has already communicated its intention to appeal the decision to the Premier League.
“The appeal process will now commence and the club’s case will be heard by an Appeal Board appointed pursuant to the Premier League’s rules in due course.
“Everton maintains that it has been open and transparent in the information it has provided to the Premier League and that it has always respected the integrity of the process.
“The Club does not recognise the finding that it failed to act with the utmost good faith and it does not understand this to have been an allegation made by the Premier League during the course of proceedings.
“Both the harshness and severity of the sanction imposed by the Commission are neither a fair nor a reasonable reflection of the evidence submitted.
“The club will also monitor with great interest the decisions made in any other cases concerning the Premier League’s Profit and Sustainability Rules.”
