Kieran Maguire reveals ‘shocked’ Everton stance on FFP charges amid £121m update
Everton are ‘relaxed’ and confident they have done nothing wrong financially despite being referred for FFP breaches.
That is the opinion of finance expert Kieran Maguire, who exclusively told Football Insider about Everton’s stance on their alleged breach of Financial Fair Play rules.
It was reported last month that the Toffees have been referred to an independent commission for an alleged breach of Financial Fair Play rules last season.
Premier League rules state teams can make a maximum loss of £105million over three years, and Everton have recorded losses of £372million in that time frame, albeit affected by the Covid-19 pandemic.
The Merseyside club reported losses of £121million alone in their latest financial report, as per the Daily Mail (29 March).
Maguire questioned the timing of the referral and believes Everton remain ‘relaxed’ about the situation.
“Everton feel as though they have done nothing wrong,” Maguire told Football Insider.
“They have documented their finances and managed to get independent support for adjusting to the club’s significant losses over the last three years.
“Therefore, they are relaxed and somewhat shocked at the attitude and the timing of the charges by the Premier League.
“Similar to Man City’s charges, it was again made public a couple of days before Richard Masters was due to speak.
“Grant Ingles – Everton’s finance director – is very cautious in terms of the adjustments made at the club.
“If you take a look at Everton’s 2021 accounts, the figures being quoted were far less than in the chairman’s statement.
“Without seeing the details of transactions or adjustments it’s difficult to judge the whole situation.“
In other news, Everton director hammered by £1.2m pay cut