moore_94 Posted 6 March Share Posted 6 March (edited) https://www.efl.com/news/2024/march/06/efl-statement--leicester-city/ Earlier this season, based on financial information submitted by the Club, the EFL’s independent Club Financial Reporting Unit (CFRU) concluded that the Club was forecasting to breach the Profitability and Sustainability (P&S) loss limits for the three-year period ending with financial year 2023/24. The CFRU determined that it was appropriate under P&S Rule 2.9 to require Leicester City Football Club to submit a business plan to demonstrate how it planned to comply with the EFL’s P&S spending limits. The Club argued that the relevant P&S Rule did not apply to it, meaning the CFRU had no right to require a business plan in respect of Season 2023/24. That matter was referred by the Club to the independent Club Financial Reporting Panel (CFRP) which concluded that under the Rules as currently written, Rule 2.9 did not apply to the Club and so it was under no obligation to submit and agree to a business plan. The CFRP decision has been published today and will help in informing the EFL on the potential Rule amendments that will be proposed for consideration by Championship Clubs in the future to ensure all Clubs are treated equally under the Rules. Leicester City is responsible for meeting its obligations in respect of the P&S Rules which will be assessed along with the submissions of all other Clubs in accordance with the League’s established processes. The League will be making no further comment on this matter at this time. Edited 6 March by moore_94 2 Link to comment Share on other sites More sharing options...
Popular Post Dahnsouff Posted 6 March Popular Post Share Posted 6 March If we don’t get promoted the EFL is going to eat us up. 10 1 1 Link to comment Share on other sites More sharing options...
Nalis Posted 6 March Share Posted 6 March Does the second last paragraph not contradict the CFRP decision? 1 Link to comment Share on other sites More sharing options...
Popular Post FrankieADZ Posted 6 March Popular Post Share Posted 6 March someone gives us what it means in laymens terms 10 2 Link to comment Share on other sites More sharing options...
Nalis Posted 6 March Share Posted 6 March 1 minute ago, Dahnsouff said: If we don’t get promoted the EFL is going to eat us up. Thats how I've read it Link to comment Share on other sites More sharing options...
Popular Post GLC Posted 6 March Popular Post Share Posted 6 March Just now, FrankieADZ said: someone gives us what it means in laymens terms 1 29 Link to comment Share on other sites More sharing options...
Popular Post FrankieADZ Posted 6 March Popular Post Share Posted 6 March Just now, GLC said: works for me, PLAY ON 40 Link to comment Share on other sites More sharing options...
Popular Post moore_94 Posted 6 March Author Popular Post Share Posted 6 March Statement from the club https://www.lcfc.com/news/3923850?lang=en Today (Wednesday 6 March) the EFL has published a decision of the Club Financial Reporting Panel (CFRP), which confirms that the EFL’s Club Financial Reporting Unit (CFRU) acted outside of its powers in its dealings with Leicester City in November 2023. Although the Club is pleased that the CFRP’s decision found in its favour, it is concerned that it was necessary for the CFRP to intervene in this way to prevent the CFRU from acting outside of established EFL rules. Leicester City confirms it is in discussions with the football authorities regarding its profitability and sustainability calculations. Notwithstanding the CFRP’s decision, the Club remains committed to seeking an appropriate overall outcome in this matter. 7 1 Link to comment Share on other sites More sharing options...
Popular Post JimmyC74 Posted 6 March Popular Post Share Posted 6 March (edited) Isn’t this just a technicality - the EFL had no right under its P&S rules to ask for a business plan this season but, we will be tested when we file our annual financial statements and if we fail they will still nail us? Edited 6 March by JimmyC74 6 Link to comment Share on other sites More sharing options...
Popular Post Foxoffice Posted 6 March Popular Post Share Posted 6 March 2 minutes ago, FrankieADZ said: someone gives us what it means in laymens terms EFL: you failed comply - we require you do this Leicester: behave, No we don’t! EFL: Sorry, carry on, no further action! 3 2 Link to comment Share on other sites More sharing options...
TheLittleBigMan Posted 6 March Share Posted 6 March 4 minutes ago, FrankieADZ said: someone gives us what it means in laymens terms the EFL’s independent Club Financial Reporting Unit asked us for information on our business plan moving forward, as it looked like we were in breach of FFP and we told them to get fu*cked. 1 Link to comment Share on other sites More sharing options...
Stinkenzo Posted 6 March Share Posted 6 March Somebody explain this to me in Ice Hockey terms Link to comment Share on other sites More sharing options...
jbflcfc Posted 6 March Share Posted 6 March 7 minutes ago, GLC said: Brilliant Im sure they will try & find something else before the end of the season Link to comment Share on other sites More sharing options...
Popular Post Ricey Posted 6 March Popular Post Share Posted 6 March EFL think we are going to break P&S. They think that they can demand a business plan from us to show how we plan on solve it. Turns out they can’t do that. Good job really, I doubt there is a plan. 4 13 Link to comment Share on other sites More sharing options...
Ric Flair Posted 6 March Share Posted 6 March All sounding very ominous but what many predicted. 1 Link to comment Share on other sites More sharing options...
Pliskin Posted 6 March Share Posted 6 March I mean we may as well act like former PL champions…. **** “em all! “We’re Leicester city, we’ll spend what we want”. 1 2 Link to comment Share on other sites More sharing options...
Hitesh Posted 6 March Share Posted 6 March Also highlights the precarious financial position we're in and inevitably if we don't get promoted then we are firmly in the shit. On the flip side, get promoted and that does go away somewhat but probably doesn't leave us with much room to invest next season Link to comment Share on other sites More sharing options...
Popular Post Chocolate Teapot Posted 6 March Popular Post Share Posted 6 March I've got a list of all those people who've stuck their fingers in their ears and said we'll be fine by the way. You know who you are. 8 5 Link to comment Share on other sites More sharing options...
Ashley Posted 6 March Share Posted 6 March 9 minutes ago, JimmyC74 said: Isn’t this just a technicality - the EFL had no right under its P&S rules to ask for a business plan this season but, we will be tested when we file our annual financial statements and if we fail they will still nail us? Seems that way Link to comment Share on other sites More sharing options...
Dames Posted 6 March Share Posted 6 March I remember 18 months ago when people were telling me we weren’t in an financial trouble. This move absolutely stinks and if we don’t get promoted i really fear for the future of the club. We needed new owners yesterday. 1 Link to comment Share on other sites More sharing options...
Poznan34 Posted 6 March Share Posted 6 March 5 minutes ago, Ricey said: EFL think we are going to break P&S. They think that they can demand a business plan from us to show how we plan on solve it. Turns out they can’t do that. Good job really, I doubt there is a plan. *cut to Rudkin scrambling for a dictionary to look up the word "plan"* 3 Link to comment Share on other sites More sharing options...
Hitesh Posted 6 March Share Posted 6 March 1 minute ago, Dames said: I remember 18 months ago when people were telling me we weren’t in an financial trouble. This move absolutely stinks and if we don’t get promoted i really fear for the future of the club. We needed new owners yesterday. This still wouldn't have solved the problem. Our expenditure far outweighs revenue and nothing much new owners could do to solve for that 2 Link to comment Share on other sites More sharing options...
Popular Post HighPeakFox Posted 6 March Popular Post Share Posted 6 March 3 minutes ago, Chocolate Teapot said: I've got a list of all those people who've stuck their fingers in their ears and said we'll be fine by the way. You know who you are. Congratulations on being incredibly petty. 17 Link to comment Share on other sites More sharing options...
Collymore Posted 6 March Share Posted 6 March A thread hot like this used to be about stadium expansion. How times have changed. Link to comment Share on other sites More sharing options...
Chocolate Teapot Posted 6 March Share Posted 6 March Just now, HighPeakFox said: Congratulations on being incredibly petty. Thanks. I work on it daily. 3 Link to comment Share on other sites More sharing options...
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