Under the P&S Rules, which are the EFL’s domestic equivalent to the UEFA Financial Fair Play rules, clubs were permitted to make losses of up to GBP 39m (approx. EUR 45m) over a 3-year monitoring period. However, the Club incurred GBP 48m (approx. EUR 56m) of losses.
Background to the EFL P&S Rules
The objectives of the P&S Rules were neatly summarised by the Panel as follows:
“25. The Financial Fair Play Rules introduced by the EFL in 2012 were modelled on the Financial Fair Play Regulations of UEFA. Although there are some differences between those rules their objectives are broadly similar. Those objectives include the introduction of more discipline and rationality in club football finances, the encouragement of clubs to operate on the...
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