Two-fifths of Premier League clubs have yet to submit their accounts as deadline approaches | Finance

two fifths of first division Football clubs have yet to make their latest accounts public as the Sunday deadline for most official submissions approaches.

The gaps in updated public information come at a time when the finances of England's top flight are under increasing scrutiny, especially over concerns about potential breaches of financial fair play (FFP) rules.

The delay in the presentation of accounts also exposes those who run Premier League clubs to criticism for a lack of transparency.

Football finance expert Stefan Borson said: “Almost every set of accounts this cycle has issues of interest and consequences. The most interesting will be Everton, especially due to the debt on the balance sheet and its annual cost; and Chelsea, who seems to have only It has just approved the 22/23 profitability and sustainability rules..”

He added: “It is also notable that clubs, on the one hand, profess to be interested in transparency and, on the other, not only wait until the last day of the submission deadline, but also publish the accounts to benefit from a few extra days of secrecy.” while Companies House scans and uploads the accounts.”

Everton have already been docked six points for FFP breaches and face a potential further points deduction. Chelsea reported a series of possible violations to the Premier League that relate to when Roman Abramovich owned the club.

Of the 20 Premier League clubs, 11 have already published their accounts after filing them with Companies House, while a 12th, Manchester City, have published their annual report on the club website.

Of the remaining eight, seven must have submitted their accounts to Companies House by Sunday to comply with UK company law, while Burnley has a financial year ending in July and therefore has an extra month to present them.

Once the accounts have been presented, it can take around a week for the results to be made public.

On Monday, The Guardian revealed that former Chelsea chief executive Marina Granovskaia faces questions about what he knew about secret payments during the Abramovich era, amid an ongoing investigation into alleged violations of FFP rules.

Meanwhile, Everton are in the middle of a long-running takeover saga as they battle rising debts.

Last year, the Merseyside club submitted its 2022 annual report on March 31, 2023, according to a Companies House stamp on the document. In those accounts, it said: “The club remains dependent on the support of its majority shareholder (Farhad Moshiri), who has sent a letter of support to the board of directors confirming the intention to provide continued financial support for a period of no less than 12 years. . months from the date of approval of the financial statements but this does not represent a legally binding commitment on the part of the majority shareholder.”

It is understood that Moshiri did not inject any new cash into Everton during the 2023 financial year, with funding instead coming from loans from third-party lenders who are He is believed to have loaned more than £500 million to the club..

That includes around £225 million from Rights and Media Funding Ltd (R&MF), a opaque British company based in Cheshire without employees and that obtains its financing from secretive offshore jurisdictions; around £140m from a combination of former suitor MSP Sports Capital and Blythe Capital; £20m from Metro Bank and more than £170m from 777 Partners, the investment firm trying to buy Everton.

R&MF have security over property around the club's Goodison Park stadium, as well as an Everton bank account, as set out in public Companies House documents.

MSP and Blythe have security over the development of the new stadium at Bramley-Moore Dock, as well as a charge over just over half of Moshiri's shares in Blue Heaven Holdings, the Isle of Man company that owns the 94 stake. % of the businessman in the club, according to corporate documents.

Everton said it had filed its 2023 accounts with Companies House but did not answer further questions about the club's finances. Chelsea said it had submitted its accounts to Companies House.