The present financial crisis at Everton has sparked speculation about possible points deductions and perhaps administration if urgent action is not taken.
Many looked to the purchase by 777 Partners as a vital lifeline. Even more worrisome for Everton‘s finances is the fact that the sale has fallen through. As a result, the American company is now allegedly in legal hot water. The club’s loans from 777 Partners have ballooned to over $255 million.
After the $637 million takeover bid fell through, Everton’s financial woes have become much worse. Because of this, the Premier League side cannot make enough money to comply with the Profit and Sustainability Rules. Thus, it may lead to serious consequences, such as another points deduction.
A prior infraction of these regulations resulted in Everton losing $474 million over three years; and to make matters worse, the club was penalized with eight points off its total in 2023/24. As the new fiscal year begins, the club is currently $113 million in the red; further losses of $20 million will put them over the $133 million mark once again.
Everton suffered from points deductions in most recent campaign
The Toffees could have to sell off important players to balance the budget and stay out of administration. Time is of the essence since the club’s fiscal year concludes on June 30.
One consequence of going into administration might be a nine-point penalty for the next season if Everton fails to raise enough money. The sale of many players after the fiscal year may be necessary for Everton to avoid administration and further fines.
Key players potentially on the market include Jordan Pickford, Jarrad Branthwaite, Abdoulaye Doucoure and Amadou Onana. Meanwhile, the club could also be looking into making a profit out of Dwight McNeil and Dominic Calvert-Lewin.
Rumor has it that American billionaire John Textor, who has a share in Crystal Palace, is considering a bid for the Liverpool side….
Source link : https://worldsoccertalk.com/news/another-major-points-deduction-in-store-for-everton-next-season/
Author : Martina Alcheva
Publish date : 2024-05-30 19:54:44
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