Everton has been hit with a TEN-POINT punishment for violating Premier League financial rules.
Everton have been dealt a massive blow after being found guilty of violating Financial Fair Play rules and slapped with a 10-point deduction.
The verdict has loomed over the Toffees, casting a shade over what had been a bright few weeks for Sean Dyche’s side, who have now been dragged right back into a relegation race, dropping from 14th to 19th.
The decision was taken by an independent panel after Everton revealed staggering financial losses of about £372 million over a three-year period, more than £250 million more than what the Premier League’s criteria allow.
Both sides have the right to appeal the ruling, and it remains to be seen whether they will do so.
A point deduction of 12 points was the most punishing option on the table, and the timing of the penalty was also up to the committee.
Everton has been hit with a TEN-POINT punishment for violating Premier League financial rules.
As previously revealed by Mail Sport, Burnley and, in particular, Leeds – who were all nearly relegated in the previous two seasons, with Everton missing the drop – pressed the Premier League to impose harsh punishment.
The American investment firm 777 Partners is still waiting for Premier League approval to replace current owner Farhad Moshiri at Goodison Park.
The US investment firm, run by American entrepreneur Josh Wander, made a £500 million deal in September to acquire owner Farhad Moshiri’s 94.1 percent controlling share, but could now pay a lower price due to the points penalty.
Everton have gone nearly a month without a defeat since losing the Merseyside derby.
Dyche had taken them out of the relegation zone with victories against West Ham and Crystal Palace, followed by a stalemate with Brighton.
With those results, the Toffees had put an unlucky start behind them and risen to 14th in the table, eight points clear of the relegation zone.
With games against Manchester United, Newcastle, and Chelsea in their next four matchups, supporters should expect a difficult season against the backdrop of off-field turmoil.
The club is also mourning the death of chairman Bill Kenwright, who died last month at the age of 78.
Many supporters, who are apprehensive of 777’s takeover, will be keen for some certainty about the club’s future.
The takeover is expected to proceed forward now that the punishment has been established.
Wander has been chastised for his experience in the insurance industry, and there are allegations that his multi-club ownership company, which includes Standard Liege and Hertha Berlin, prioritizes profit over team identity and traditions.
Concerns over their purchase of the club were heightened in September when it was revealed that Vasco De Gama, a Brazilian club in the company’s portfolio, had missed scheduled transfer payments.
According to sources in South America, Vasco is owing money to a number of clubs, including the French club Lille.
However, an agreement to purchase Moshiri’s 94.1 percent has been achieved. It remains to be seen whether the Premier League, Football Association, and Financial Conduct Authority will sanction the takeover.
