Everton ready to 'robustly defend' position after alleged financial regulations breach

On Friday, the Premier League referred the club to an independent commission which will rule on whether three-year losses of £371.8million, above the £105m permitted, breached financial regulations.

The club have said they will "robustly defend its position", having worked closely with the Premier League over the last couple of seasons.

This week, Everton are set to publish their accounts for last season and Planet Sport understands they will show significantly lower losses than the £121m for the 2020-21 campaign, a season hugely impacted by the Covid-19 pandemic.

But, regardless, sources have stressed there will be no knock-on effect on the club's major infrastructure project.

About £200m has already been spent on the new ground on the banks of the River Mersey, with the primary concrete structure for all four stands completed last week.

Roughly another £350m is required to complete the build in order for the club to move in during the 2024-25 season but it is understood the club are confident there will be no delay to the stadium.

Owner Farhad Moshiri is looking for external investment, having retained American banks JP Morgan Chase and MUFG to lead the search, to offset some or all of the remaining costs and there have been negotiations with New York-based investment firm MSP Sports Capital but the billionaire also has the option of funding the project himself.

It is understood the club have no concerns about the impact on funding or potential investors as a result of the charge for an alleged breach of profit and sustainability rules.

<p>The article <a href="https://www.planetsport.com/soccer/news/everton-ready-robustly-defend-position-after-alleged-financial-regulations-breach">Everton ready to 'robustly defend' its position after alleged financial regulations breach </a> appeared first on Planetsport.com.</p>