PL charge City for alleged breaches of financial rules

bridgeno1 said:
I think this is one of the fundamental misunderstandings that's happening. Arsenal, Everton, Brighton etc haven't done anything wrong re shareholder loans as the current rules (that City voted for btw) state that shareholder loans don't bear interest.

City have subsequently challenged this (and had this challenge upheld) meaning that moving forward this rule is likely to be amended. At that points clubs will need to comply with it but that's only after an amendment is made. At the present moment it's perfectly legal - I suspect it won't be after the rules get amended (assuming 60% of PL clubs vote for it - they may also decide not to of course).
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There is no shareholder loan rule in the handbook the premier league just decided it wasn't APT when it clearly is. This is the problem. Arsenal have been cheating for the last 3 plus years and that's clear as day now
 
Dear @bridgeno1
Apparently, the Alan Davies autobiography is absolutely essential reading for any self respecting tarqunt. Why don't you stay humble and immerse yourself in it for a few hours. In one hilarious chapter he describes how he took some mind bending hallucinogenic drugs which actually led him to believe arsenil were crowned champions of Europe.
Best wishes
Leonardo x
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BerkshireBlue said:
There is no shareholder loan rule in the handbook the premier league just decided it wasn't APT when it clearly is. This is the problem. Arsenal have been cheating for the last 3 plus years and that's clear as day now
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I haven't had much free time recently but I had a quick look at Brighton & Arsenal's accounts. Brighton declare Bloom's loans as an RPT but the Arsenal accounts I looked at don't. I think there's a holding company accounts I didn't look at so I'll do that tonight.

But if Arsenal aren't declaring owner loans as an RPT then surely they're not submitting accurate accounts, which is what we've been charged with, and where the charges specifically mention related parties.
 
Prestwich_Blue said:
I haven't had much free time recently but I had a quick look at Brighton & Arsenal's accounts. Brighton declare Bloom's loans as an RPT but the Arsenal accounts I looked at don't. I think there's a holding company accounts I didn't look at so I'll do that tonight.

But if Arsenal aren't declaring owner loans as an RPT then surely they're not submitting accurate accounts, which is what we've been charged with, and where the charges specifically mention related parties.
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I believe Arsenal have £248m in shareholder loans, of which £62.5m are submitted annually as part of PSR calculations.
 
bridgeno1 said:
I think this is one of the fundamental misunderstandings that's happening. Arsenal, Everton, Brighton etc haven't done anything wrong re shareholder loans as the current rules (that City voted for btw) state that shareholder loans don't bear interest.
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I know you think it's some sort of gotcha, but the bold bit isn't right. The club voted in November 2021 to approve the principles recommended, but that doesn't mean anything significant. They voted against the actual proposed rules in general meeting in December 2021 and the club reserved its right to challenge the legality of the rules and the fmv process.

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halfcenturyup said:
But they give no details on repayment or interest, unless I missed it, which is unusual no?
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Here's what they've been paying in interest vs what BOE base rates were at the time. Note the loan was given as a way of refinancing existing debt for the stadium as opposed to being used to buy players.

I'd say any independent auditor may query why the interest % paid in 2022-23 was lower vs previous periods when the BOE base rate was higher TBH. I doubt Arsenal were offered a 0% balance transfer deal on their credit card.

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bridgeno1 said:
Here's what they've been paying in interest vs what BOE base rates were at the time. Note the loan was given as a way of refinancing existing debt for the stadium as opposed to being used to buy players.

I'd say any independent auditor may query why the interest % paid in 2022-23 was lower vs previous periods when the BOE base rate was higher TBH.

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That's interesting, but I meant in the actual accounts. Back when I was an accountant, that was a requirement, iirc.
 
halfcenturyup said:
That's interesting, but I meant in the actual accounts. Back when I was an accountant, that was a requirement, iirc.
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Yeah fair enough. I don't know unless it's buried in with all the other costs of finance figures and is presented as a single overall cost in the P&L.
 
Prestwich_Blue said:
I haven't had much free time recently but I had a quick look at Brighton & Arsenal's accounts. Brighton declare Bloom's loans as an RPT but the Arsenal accounts I looked at don't. I think there's a holding company accounts I didn't look at so I'll do that tonight.

But if Arsenal aren't declaring owner loans as an RPT then surely they're not submitting accurate accounts, which is what we've been charged with, and where the charges specifically mention related parties.
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great work
 
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