EFL Statement - Club has no obligation to submit and agree business plan

[whoareyaaa]

11 minutes ago, Les-TA-Jon said:

My understanding: 

1️⃣ club submits it’s financials to EFL earlier this season, as normal, as all clubs do
2️⃣ based on this EFL projects that we will fail to comply by the end of this season 
3️⃣ based on their own rules they request additional docs and a business plan from Leicester
4️⃣ Leicester then (presumably on a technicality) contested that the rule doesn’t compel them to do so 
5️⃣ this were referred to an independent panel who have now ruled that Leicester are correct and they don’t *have* to submit anything 
6️⃣ EFL has confirmed this today and said “we’ll be changing this rule in the future to make this work as intended” 
7️⃣ Leicester own statement confirmed that they’re in discussions with EFL regarding financial rules
 

that about right? 

This

[Guest Chocolate Teapot]

Just now, whoareyaaa said:

This....

....Is very worrying

Edited 6 March 2024 by Chocolate Teapot

[Golden Fox]

50 minutes ago, Stinkenzo said:

Somebody explain this to me in Ice Hockey terms 

The EFL was defending and pulled up as they thought it was no touch icing. But no ref blew, so Leicester just nonchalantly regained possession of the puck and carried on.

[coolhandfox]

2 minutes ago, Corky said:

If we were going to meet them then why contest it?

If someone ask you for your ID and they don't have a right to do so, do you show them your ID?

 

It could be we have something to hide or we are being bloody minded.

[Guest Chocolate Teapot]

Just now, coolhandfox said:

If someone ask you for your ID and they don't have a right to do so, do you show them your ID?

 

It could be we have something to hide or we are being bloody minded.

Something to hide!

[Poznan34]

We'd have been better off spending some £££ summer 2022 and not getting relegated and taking the points hit, if (as it looks like) we'd be getting a penalty either way. 

[Babylon]

1 minute ago, Sol thewall Bamba said:

Here we go again

 

Mods close the thread before Babs gets upset about people speculating.

No you are right, people should just slate the club without facts. Just like that started to do in this thread, clearly without even bothering to read the panel judgement, something sky didn’t bother to do. 
 

The statements are entirely meaningless to our current situation. It’s based around financials last March, before selling £90m worth of players and before wage reductions. 
 

So what exactly do you want to speculate about?

[KingsX]

Have at it, conspiracy theorists 

 

[Lambert09]

[Babylon]

14 minutes ago, Les-TA-Jon said:

My understanding: 

1️⃣ club submits it’s financials to EFL earlier this season, as normal, as all clubs do
2️⃣ based on this EFL projects that we will fail to comply by the end of this season 
3️⃣ based on their own rules they request additional docs and a business plan from Leicester
4️⃣ Leicester then (presumably on a technicality) contested that the rule doesn’t compel them to do so 
5️⃣ this were referred to an independent panel who have now ruled that Leicester are correct and they don’t *have* to submit anything 
6️⃣ EFL has confirmed this today and said “we’ll be changing this rule in the future to make this work as intended” 
7️⃣ Leicester own statement confirmed that they’re in discussions with EFL regarding financial rules
 

that about right? 

Not really a technicality, the date was in the rules and we weren’t in the EPL then

[Holly B]

25 minutes ago, Vestan Pance said:

and a white elephant of a training ground that is costing 10s of millions to operate.

Tens of millions ?!?!

Dont talk shite 

 

[Pliskin]

@Babylon will likely know….. but just because  of this news today, it doesn’t automatically mean we’re trying to hide something as a club or we’re trying to buy some extra time because we’ve failed to comply. 
 

As a business, if there’s a loophole that would benefit you, you take it surely? That’s what rights and entitlements are for, and If legally the EFL have no stance on it, then it should be utilised. If they decide to change their rules as a result, so be it…. It’s more a problem for them anyway as it’s their regulations and their lack of foresight . 

But, from what’s been said, why should our accounts be scrutinised by the EFL when we’ve just spent so many seasons in the PL, surely it isn’t fair? Is there a grace period? Do you get time to adjust to the championship because you’re going to be coming down with a massive outgoing if you’re an established PL club surely? 

 

[coolhandfox]

12 minutes ago, Les-TA-Jon said:

My understanding: 

1️⃣ club submits it’s financials to EFL earlier this season, as normal, as all clubs do
2️⃣ based on this EFL projects that we will fail to comply by the end of this season 
3️⃣ based on their own rules they request additional docs and a business plan from Leicester
4️⃣ Leicester then (presumably on a technicality) contested that the rule doesn’t compel them to do so 
5️⃣ this were referred to an independent panel who have now ruled that Leicester are correct and they don’t *have* to submit anything 
6️⃣ EFL has confirmed this today and said “we’ll be changing this rule in the future to make this work as intended” 
7️⃣ Leicester own statement confirmed that they’re in discussions with EFL regarding financial rules
 

that about right? 

EFL would have base the assessment on our 22/23 account which are bound to fail championship P & S.

 

They would have then asked for a action plan on how we are going to move from our 22/23 position go meet 23/24 obligations.

 

We have told them they are abusing their own rules and we don't need to give them a plan.

[whetstonefox]

[Guest Chocolate Teapot]

7 minutes ago, Babylon said:

No you are right, people should just slate the club without facts. Just like that started to do in this thread, clearly without even bothering to read the panel judgement, something sky didn’t bother to do. 
 

The statements are entirely meaningless to our current situation. It’s based around financials last March, before selling £90m worth of players and before wage reductions. 
 

So what exactly do you want to speculate about?

They're not based around financial statements from last march. They're this seasons prohections, you have to submit your accounts to the league before you release them publicly.

Edited 6 March 2024 by Chocolate Teapot

[Guest Chocolate Teapot]

Just now, whetstonefox said:

I'm sure @CosbehFox told us this months ago....

[Sol thewall Bamba]

Are Percy articles acceptable @Babylon?

 

Just want to know before everyone sets off talking about this and you start crying again.

 

[HankMarvin]

BuT wHaT AbOuT wHeN iT wAs In ThE sUn 

Edited 6 March 2024 by HankMarvin

[Nolucklcfc]

1 minute ago, whetstonefox said:

****.

[whetstonefox]

who knows what is going on l! 

[Tommy G]

2 minutes ago, Holly B said:

Tens of millions ?!?!

Dont talk shite 

 

This is half the problem with this forum - people speculate and throw stuff out there like it’s fact and others lap it up. A training ground that cost a huundred million does not have running costs of “tens of millions” 

 

Honestly 

[Scotch]

8 minutes ago, Chocolate Teapot said:

It's this year's accounts and a projection. We're projecting to break the rules and don't want to publicise the plan to correct it.

 

Which is either a fire sake or getting promoted. Sky haven't sensationalised a thing there.

That doesn't make much sense though, does it? 

 

If it was purely our finances from THIS season then "we were in the PL" wouldn't be a viable defense which it clearly is, given that an independent panel have sided with us. Also, if that were the case, the EFL wouldn't now be looking to change the rules and sync their financial report times with the EPL. 

 

...So it MUST account for at least SOME of our finances whilst in the PL, no?

[Wasyls Pec Deck]

The fact that no one seems to have been held to account for this calamity is probably more unbelievable than the turn of events itself

[Nalis]

Cant work out whats broken; us, football or both.

[Foxontherocks]

How does it work then if we get promoted, finalize our accounts in June, the EFL look at them and find we breached the rules. 10 point deduction waiting for us on return or points deduction in the prem?