Embargo.

[duncanjwitham]

10 minutes ago, Ambitious said:

We wouldn't find out a point deduction now anyway, if we even get one, as the weight of the point deduction is based on how badly we breached P&S and seemingly is open to interpretation. I would imagine a -18 point deduction would need to be somewhere in the region of a £160-180m loss over the three years, so you can dismiss that as nonsense. 

Sheffield Wednesday got a -6 point deduction for a £66m loss over three years. We wouldn't even get anywhere near that. I believe Reading haven't received a point deduction for their breach as of yet. I'm still confident we won't be in any breach of P&S but ultimately we don't know exactly how our amortisation policy will shake out. A minor breach, at the very, very worst, so wouldn't be surprised to see us only pick up a -3 or a fine. 

The points deductions don't work like that.  It's something like a 1 point deduction per £1m of overspend up to a maximum of 12 points (although I think they might have slightly tweaked those figures recently).  Plus there's an additional (up to) 9 points that can be added on for other bad behaviour.  Sheffield Wednesday were given the full 12 points, and had it reduced to 6 on appeal (I assume for mitigating circumstances around the stadium sale).  We'd only need to overspend by ~£10m, plus the EFL try to force an additional 9 points to get an 18 point penalty.

[B4ev6is]

I think personal mel been paying some of clubs debts off so new owner not got pay as much off.

[Ambitious]

7 minutes ago, Rammy03 said:

I doubt we'll hear anything today

Rooney will be asked about it, assuming he knows the situation then we could expect some information at the latest then. 

[RadioactiveWaste]

So no one knows any more than anyone else right now?

Lets just cool our jets, the absolute most we're likely to here today is "we confirm submission/reciept of outstanding documents" or "documents are still outstanding", probably after everyone's bedtime when they hope to get the news missed.

[Alty_Ram]

Knowing the expectation about this submission you'd hope that there would be some kind of statement, however brief. Then again, this is DCFC and the EFL so who knows right ? somewhere between a year and 48 hours would be my guess.

Gut feeling is that after all this time and wrangling that I just can't see 'Oh OK, that's fine, off you go Derby, good luck with the season'. The rules and measures seem poorly defined at best so.. *shrug* ..flip knows...

[RadioactiveWaste]

Also, just on the Rooney apparently mentioning to a reporter he thinks the embargo might be lifted after today, that just means *at most* that's what someone at the club has told him. Now, would the club be telling him things that are not *certain* because they need him to stay positive and keep believeing ?

[ThePrisoner]

One thing to remember is the accounts could be submitted today but won't appear immediately on Companies House which will send those who scour it into more fury and panic tomorrow.

[Betty Swollocks]

They wont be going to Companies House.

They were legally submitted over 3 years ago.

This is simply a resubmission to the EFL or the Disciplinary Committee for P&S purposes.

[RadioactiveWaste]

4 minutes ago, Betty Swollocks said:

They wont be going to Companies House.

They were legally submitted over 3 years ago.

This is simply a resubmission to the EFL or the Disciplinary Committee for P&S purposes.

Presumably though the outstanding accounts from 19 and 20 will be submitted now the EFL issues are resolved?

[Carnero]

4 minutes ago, Betty Swollocks said:

They wont be going to Companies House.

They were legally submitted over 3 years ago.

This is simply a resubmission to the EFL or the Disciplinary Committee for P&S purposes.

Except that...

The 2019 accounts need submitting to companies house (Apr 2020 deadline)

The 2020 accounts need submitting to companies house (Apr 2021 deadline)

[Carl Sagan]

25 minutes ago, Carnero said:

Except that...

The 2019 accounts need submitting to companies house (Apr 2020 deadline)

The 2020 accounts need submitting to companies house (Apr 2021 deadline)

Were these deadlines not extended by some margin (9 or 12 months?) due to Covid? I'd be surprised if the 2020 accounts need to be submitted yet in terms of the HMRC requirements.

However, my understanding was that despite the HMRC saying you don't need to submit accounts because of Covid, my recollection was also that the EFL said "we'll put you under embargo if you don't because we have no interest in the welfare of our member clubs and any financial difficulties you may be experiencing due to a global pandemic".

[Betty Swollocks]

29 minutes ago, Carnero said:

Except that...

The 2019 accounts need submitting to companies house (Apr 2020 deadline)

The 2020 accounts need submitting to companies house (Apr 2021 deadline)

That`s true, but that wasn`t what i was talking about! Also, because of Covid I believe that the Goverment have given all businesses an extension on submission of accounts!?

[cool_as_custard]

12 minutes ago, Betty Swollocks said:

That`s true, but that wasn`t what i was talking about! Also, because of Covid I believe that the Goverment have given all businesses an extension on submission of accounts!?

Up to 3 months only for Covid reasons, so you get 12 months from the year end in total

[DCFC27]

My theory is, if there is any truth in this we’ll likely hear it after the game in the post match interview. Unless a reporter manages to steel a word before kick off. 

[Woodypecker]

Maybe Eric Steele could report something soon ?

 

[DCFC27]

So we’ve got the £80m ground sale and £39m allowance plus some mediocre player sale - Hendrick Vydra hughes Ince. We’re up to £150m potential allowance over a 3 year period. If we have spend more than that we deserve what we get ?

[Ghost of Clough]

3 hours ago, duncanjwitham said:

That's 2 different things, I think. I doubt very much the restated accounts will appear on Companies House - I'd be surprised if they even allow companies to restate accounts years after the fact.  They'll be submitted to the EFL, probably just as revised P&S statements, and we'll probably never see them.

The other overdue accounts (18/19 and 19/20 IIRC) don't have to be approved by the EFL or anything, they'll go straight to Companies House when we're ready to submit them.  The EFL will only get involved if they look like they'll be close to the FFP thresholds.

There's certainly a question mark over the previously submitted accounts, but the 18/19 and 19/20 should be submitted for us to get out of embargo (unless we agree a deal with the EFL).

Regulation 16.3 - Annual Accounts not filed with Companies House

[The Scarlet Pimpernel]

1 hour ago, Carl Sagan said:

Were these deadlines not extended by some margin (9 or 12 months?) due to Covid? I'd be surprised if the 2020 accounts need to be submitted yet in terms of the HMRC requirements.

However, my understanding was that despite the HMRC saying you don't need to submit accounts because of Covid, my recollection was also that the EFL said "we'll put you under embargo if you don't because we have no interest in the welfare of our member clubs and any financial difficulties you may be experiencing due to a global pandemic".

Also add " although we ourselves the EFL as an organisation have taken advantage of late submission allowance"

Edited August 24, 2021 by The Scarlet Pimpernel

[Carnero]

1 hour ago, Betty Swollocks said:

That`s true, but that wasn`t what i was talking about! Also, because of Covid I believe that the Goverment have given all businesses an extension on submission of accounts!?

Yeah that temporary extension only applied to the 2019 accounts, not the 2020 accounts.

@Carl Sagan

[Carnero]

Just now, Carnero said:

Yeah that temporary extension only applied to the 2019 accounts, not the 2020 accounts.

@Carl Sagan

And the 2019 accounts are still well overdue even with an extension to the deadline!