Everton Football Club faces a major setback after the Premier League issued a 10-point deduction for violating financial regulations.
This penalty has plunged the storied club into the throes of a relegation battle, positioning them precariously at 19th place, narrowly above Burnley on goal difference.
The financial discrepancies at the heart of this controversy total a staggering £372 million loss over three years, overshooting the league's £250 million profitability and sustainability threshold by a significant margin. The league's firm stance on financial impropriety signals a warning to other top-flight teams, with legal pundits hinting that behemoths Manchester City and Chelsea could be next in line for harsh sanctions which could also result in relegation.
'We won't take this lying down'
Everton's passionate fanbase has responded with rage and disbelief. In response to the decision, they have managed to pool together over £35,000 to fund protests against the league's decision, which they decry as both 'disgraceful and nonsensical'. Their actions underscore a palpable sense of injustice felt across the club's loyal supporters.
Amid the turmoil, Everton finds itself embroiled in a potential £300 million lawsuit from fellow clubs Burnley, Leeds, and Leicester, who allege financial improprieties by Everton in the past two seasons. The club's management, undeterred, has vowed to appeal the 'wholly disproportionate and unjust' punishment, hoping for a reprieve from what is currently the most severe penalty in Premier League history.
— Everton (@Everton) November 17, 2023
Everton legend Neville Southall has weighed in, advocating for a stoic acceptance of the consequences if the club is indeed found at fault, while also emphasising the importance of equal treatment across the league to avoid any allegations of bias:
'It sounds harsh but if you broke the rules - just suck it up. If they [the Premier League] are doing Everton - they are doing other clubs as well. Otherwise it is discrimination'.
Former Liverpool defender Jamie Carragher also offered his two cents, suggesting the punishment was over-the-top:
'The 10 point deduction for Everton is excessive & not right, considering they have been working with the PL about this for the last couple of years. Would it have been better to be evasive & try & drag it out like other clubs?'
While all this is going on, the club's ownership is also up in the air; Farhad Moshiri is negotiating the sale of Everton Football Club to American businessman Josh Wander, who leads the 777 Partners consortium, with the takeover currently awaiting league approval.
Despite facing both financial scrutiny and relegation danger, the club continues to forge ahead with an ambitious £550 million project for a new stadium at Bramley Moore Dock, slated for completion in late 2024. This investment speaks to a long-term vision for the club's infrastructure and presence in English football in spite of their current struggles.
As the story unfolds, the challenges at Everton not only shine a spotlight on the club's financial governance but also pose broader questions about the financial regulation of football clubs and the integrity of the Premier League's oversight.
