The Premier League announced on Monday that Everton's penalty for violating the Premier League's profit and sustainability rules (PSRs) has been reduced from 10 points to six following an appeal by the Merseyside club.
Initially imposed in November, the 10-point sanction prompted Everton to swiftly file an appeal against what was deemed the harshest penalty in Premier League history.
In its statement, the league clarified: "Everton FC contested the imposed sanction on nine grounds, all pertaining to the severity of the sanction rather than disputing the breach, which the club acknowledged. Two of these grounds were upheld by the Appeal Board, resulting in the revision of the points deduction from 10 to six.
"This adjusted penalty takes immediate effect, and the Premier League table will be updated accordingly today."
The decision propels Everton from 17th to 15th in the league standings, providing them with a five-point buffer above the relegation zone. In response to the ruling, Everton expressed satisfaction in a club statement issued on Monday.
"We acknowledge that the Appeal Board deemed the initial 10-point deduction to be disproportionate when considering the relevant benchmarks presented by the club during the Commission's review, including the position outlined in the relevant EFL regulations and the Premier League's rules, which stipulate a nine-point deduction in cases of insolvency.
"The club also welcomes the Appeal Board's reversal of the original Commission's determination that the club acted in bad faith. This decision, alongside the reduction in points deduction, holds significant importance for the club's appeal process. As such, the club feels justified in pursuing its appeal."
The Premier League's PSRs dictate that clubs cannot exceed losses of £105 million ($133.6m) over a three-year period.
Everton's financial reports, which triggered the penalty, illustrated a fifth consecutive year of losses, totaling over £430m across the specified period. The club disclosed a loss of £44.7m for the 2021-22 season earlier this year.
Despite three consecutive years of losses exceeding £100m, Everton reported substantial reductions in losses, decreasing by £76m from the previous year's loss of £121m. In January, Everton, alongside Nottingham Forest, faced additional charges for PSR violations; however, the league has yet to issue any penalties for these infractions.
"Despite the decision of the Appeal Board and the favorable outcome, the club remains fully committed to cooperating with the Premier League regarding ongoing proceedings related to the accounting period ending in June 2023," Everton reiterated regarding these charges in their statement.
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