Bala P’s Post

Everton appeal decision just in. Have read the 2-page summary and seems: - Everton appealed on sanction only - that is, they accepted that they had exceeded the PSR cap by £19.6m (not the £9.8m they argued at first instance) - appealed on 9 grounds relating to how Independent Commission dealt with their pleas of mitigiation - Independent Commission rejected 7 of those - However, they upheld appeal in relation to 2 grounds of mitigation due to Independent Commission's legal errors - First, the Commission's were wrong in law to find that Everton had been “less than frank” in relation to the stadium debt - those allegations had not been made against Everton as it was not the Premier League’s case that that was anything other than an innocent mistake - Secondly, the Commission was wrong not to take into account available benchmark, such as the approach taken the EFL in the Sheffield Wednesday case, when it addressed the proportionality of the sanction - Those errors were material as they  affected approach and conclusion of the Commission in relation to sanction - Appeal Board set aside the original sanction and issued a 6 point deduction (taking into account the aims of the PSR and issuing a sanction that was reasonably necessary and sufficient to achieve those aims) Proper analysis in due course! https://lnkd.in/eZYW_-s4 #PSR #FFP #Everton

Flexibility in cancellation has led to CFAR becoming a ₹125 crore premium market, with the potential to reach ₹250-300 crore by 2024-25. Read the full story here: https://ow.ly/m7T950R3Xz8 #HowdenIndia #CFAR #Travelinsurance #PremiumMarket #InsuranceInnovation #InsuranceTrends

When your neighboring land at Marina Gardes Crescent cost Kingfords $1402 psf ppr, why should the government let you win the bid at 30% lower, i.e. 984 psf ppr? When money is made, would you share it with us? Or will you sell at much cheaper rate to the public? Also how can this land be priced cheaper than Toa Payoh GLS ($1359 psf ppr)?

Premier League clubs have unanimously agreed to bring in new financial fair play regulations after a meeting that took place in London on Thursday. Over the past decade it has been the profit and sustainability rules (PSR) that has restricted clubs in the Premier League on how much money they can spend. Starting from the 2025-26 season, PSR is set to be replaced by the “squad cost control” rule that UEFA took on board just two years ago. The new proposed rules will allow clubs to only spend a specific percentage of their annual turnover on their wages on the first team as well as the coaching staff, any amortised costs of transfer fees and any agent fees that are involved as well. There will be a difference between the Premier League rules and UEFAs. There will be two tiers to Premier Leagues rules, if a club is playing in a European competition they are only allowed to spend 70 per cent of their annual turnover, compared to the clubs who aren’t competing in Europe who are allowed to spend 85 per cent. If clubs breach these rules then they will can still potentially be penalised with a points deduction. However, there are clubs that are willing to look into the possibility of taking away point deductions and replace them with financial penalties instead for minor breaches of the new rules. Currently in UEFAs rulebook. If a club breaks the squad cost ration they face a financial penalty unless they have “significantly” breached the rules. There are three ways of a “significant” breach: - 20% over the allowed threshold - 10% over and a breach in one of the past three seasons - Any amount over the threshold with limits breached in two of the past three seasons According to the Premier League, these new rules will “provide certainty for clubs in relation to their future financial plans.” Will these new rules be successful or will we still see penalties thrown around like we have multiple times this season? #premierleague #finances #financialrules #uefa #football #financialfairplay #ffp

⚽ Accounting in Sport: A Deep Dive into the EPL Are you interested in the financial side of sports? This one’s for you! Recently, Manchester United hosted Fulham in the first English Premier League fixture of the 2024/25 season. But beyond the excitement of the match, there’s a pressing issue hanging over the EPL: the penalties clubs might face for financial breaches. Kieran Maguire, an associate professor in football finance at the University of Liverpool, sheds light on the situation. 1️⃣Since the Premier League began in 1992, revenues have increased by a staggering 2800% 📈 2️⃣Player wages have soared by 3800% 💸 Current Reality: The average weekly salary of an EPL player is now £70,000. Risk Alert: Clubs are at risk of financial trouble, which could jeopardize the entire league. Creative Accounting: Maguire highlights the rise of innovative financial strategies. Read more in Acuity: https://ow.ly/R2Ux30sGIFU #CAANZ #DifferenceMakers #accountinginsports

Everton FC, already penalized with a 10-point deduction for breaching English Financial Fair Play (FFP) rules, might face further sanctions. There's concern about a possible second consecutive violation. Nottingham Forest is also at risk due to high spending both in the Championship and after their promotion. The Premier League has introduced a new system to expedite simple violation cases, with decisions expected by early April. Clubs are required to submit their accounts for the 2022-23 season by the end of December, and any charges will be announced by mid-January. Under Premier League rules, clubs can incur a maximum loss of £105 million over three consecutive years or £35 million per season. Nottingham Forest, having been in lower leagues, has a lower loss threshold of £61 million. Forest recorded significant losses in the 2021-22 season and doubled its wage bill relative to revenue, leading to concerns about potential FFP breaches. [Source: Calcio & Finanza]

❎ #HMRC - New Guidelines Released for Football Agents and Dual Representation Contracts ⚽️ In a bid to streamline compliance efforts within the football industry, a set of comprehensive Guidelines for Compliance (GfC) has been unveiled, targeting #FootballAgents and #Clubs alike. 🏟️ The key highlights of these guidelines include: 📌 Insights into HMRC’s stance on #DualRepresentationContracts. 📌 Detailed examination of #EmployerDuty and #VATCompliance risks pertaining to Football Agents’ fees and dual representation. While these guidelines offer clarity in specific areas, it's important to emphasize that they do not alter existing compliance perspectives on other taxes. Stakeholders are advised to consult HM Revenue & Customs’s official guidance in conjunction with these newly released guidelines.📕 By adhering to these recommendations, agents and clubs can significantly reduce the risk of errors and potential penalty charges. ✅ HM Revenue & Customs | FIFA | UEFA https://lnkd.in/deWxbqFi

A new chapter in the investigation Paul Brown and I are doing for Josimar into the affairs of Everton FC's would-be buyers 777 Partners. Their Bermuda-based re-insurance company 777re, which has been propping up many 777 Partners LLC assets, including its football operations, had already seen its credit rating downgraded from A- (excellent) to B (fair) in November. They're now rated C- (weak/very weak), with little hope of an upturn in their fortunes. We have seen AM Best's damning report, and it'd hard to see how 777's football portfolio could not be directly impacted by this, especially as 777re is now in the hands of the Bermudan regulator. We've also looked at the 67.2 million Canadian dollars demand which their airline Flair (one of many 777 Partners assets which benefited from 777re's support) has been hit with by the Canadian authorities. What we've found suggests that is not 'unpaid import duties' which the state wants payment for, but something altogether more worrying for the troubled airline. https://lnkd.in/eYHQ65-u

Comparison between the MCB & MCCB & ACB

🔵 ⚽ Everton points deduction reduced from 10 to six ⚽🔵 As many of us predicted, Everton's points deduction for breaching #premierleague Profit and Sustainability Rules has been reduced to six points. It seems that the appeal centred around whether Everton acted with the "utmost good faith" or not and, the original, harsher points deduction was based around Everton being "less than frank" about the interest payments on debt acquired for their new stadium. Everton successfully overturned this conclusion. Not only this, but it has been routinely pointed out by many commentators that clubs that actually enter insolvency are deducted 9 points - and so 10 for breaching PSR rules was always likely to be excessive. The reduction to 6 points therefore seems about right. The saga is not over though - Everton are waiting on the outcome of another charge for breaking the PSR rules in a more recent period, as are Nottingham Forest. #footballbusiness #LB1858