Several Premier League clubs have not yet submitted their official financial docs for the 2022/23 year. Much like the English top-flight season, financial years do not align with the typical calendar. Instead, the specific timeframe runs from July to June each year. The deadline for these filings is currently Sunday, March 31st.
Delays in making the Premier League financial docs public tend to raise concerns with those teams involved. Officials could very well wonder about a potential lack of transparency due to the last-minute financial submissions.
Multiple top-flight clubs in England have been hit with charges this season due to profit and sustainability (PSR) and/or financial fair play (FFP) violations. Everton became the first club to be docked points last fall, while Nottingham Forest has also recently received a reduction as well. These two sides, however, are not the only clubs to have worries over the issue. All Premier League sides now know that authorities are taking a hard line and may issue harsh penalties at any moment.
Everton has already been charged twice with PSR violations
According to The Guardian, 11 Premier League teams have filed their appropriate 2022/23 financial documents to Companies House. Manchester City, on the other hand, instead opted to publish their annual paperwork directly on their own website. Of the eight remaining teams, seven must officially file their report by Sunday. Burnley will receive additional time due to their financial year ending a month later than normal.
While financial information for all 20 Premier League clubs is important considering recent penalties, two teams in particular stand out. Soccer financial expert Stefan Borson explained this situation in an interview with the aforementioned news outlet.
“Almost every set of accounts in this cycle has matters of interest and consequence,” stated Borson. “Most interesting will be Everton, especially in respect of the debt on the balance sheet and its annual cost; and Chelsea, which appears to only have only just passed the 2022/23 profit and sustainability rules.”
“It is also notable that the clubs on the one hand profess to be keen on transparency and on the other wait not only to the final day of the filing window but also post the accounts to benefit from a few extra days of secrecy while Companies House scans and uploads the accounts.”
The Premier League already charged Everton twice with breaking the financial laws and could face serious penalties shortly. The Toffees are also going through a painstakingly long ownership change as well. Financial reports and potential points penalties could very well affect the pending transaction.
The Merseyside club has claimed that they have submitted their most recent financial report with Companies House. However, club officials have opted against publicly discussing any exact figures.
Chelsea also facing a series of potential setbacks
Chelsea recently reported massive losses in their 2022/23 financial report. After declaring $154 in losses in the previous campaign, the Blues have recorded $115 million in additional losses this past year. The outcome of the report puts the west London club on the edge of potential league sanctions.
Not only is Chelsea facing possible PSR penalties, but league officials are also investigating other issues at the club as well. The press revealed earlier this week that the English division questioned Marina Granovskaia, the former chief executive of the Blues, regarding secret payments from Roman Abramovich. The Russian oligarch previously owned the club from 2003 to 2022.
Along with financial headaches and possible sanctions, Chelsea could soon face a public revolt from their own fanbase. Todd Boehly’s time as club owner has been nothing short of disaster and the Chelsea Supporters Trust recently labeled the team a “laughing stock.” Organized fan protests could very well come to Stamford Bridge by the end of the current campaign.
PHOTO: IMAGO / PA Images / Sportimages.
