PL charge City for alleged breaches of financial rules

[The blue phantom]

Out of interest, how many people do you think would be a suitable number to ruin a £5billion company?

Not 3, It's such a huge organisation with serious allegations against multiple company's and high ranking people that imo it should be held in the courts. I'm well aware of the PL rules and this is the only path to go down. Actually it only needs Two of the Three.

 

[LeonardoDaVnci]

In the last 20 years the PL have received 400 sets of Amnual accounts from member clubs. These accounts are also filed with Companies House. Our accounts are micro scrutinised for absolutely anything that might imply financial wrong doing. Our accounts appear to record the annual total of all sponsorship funds received in the FY, ie they do NOT provide detailed breakdowns, eg sender of funds, date of transactions, the banks involved.
So what is the required level of detail required by the PL ? eg do the LFC accounts provide a very high level of resolution in terms of received sponsorship funds ?.

It seems to me that we are being required to report to a far higher level of resolution than any other club.

Let's be aving you...
So for example, assume the Norfolk Turkey Companay sponsor the super Canaries. If we looked at the Norwich accounts for one year and demanded precise details of how, when, why funds received from the Norfolk Turkey company ended up in the Norwich accounts. And let's say it transpires one of the directors of the Turkey company was a cousin of Delia Smith. Bingo ! false accounting, disguised equity funding, throw the book at them.

 

[applejuice]

Not 3, It's such a huge organisation with serious allegations against multiple company's and high ranking people that imo it should be held in the courts.

It seems that the new football bill is promoting that bit. To have an independent organization overseeing clubs and leagues instead of letting the league do self governing. And PL and clubs do not like it. It means more disclosure of business informations and subject to more strict rules.

 

[manimanc]

Again the word "Fraud" being mentioned when talking about Sheikh Mansour and the CFG.

Really is amazing to believe that for that someone at the Premier League pointing this accusation that the penny hasn't dropped for them.

Can't stop laughing.

 

[BerkshireBlue]

In the last 20 years the PL have received 400 sets of Amnual accounts from member clubs. These accounts are also filed with Companies House. Our accounts are micro scrutinised for absolutely anything that might imply financial wrong doing. Our accounts appear to record the annual total of all sponsorship funds received in the FY, ie they do NOT provide detailed breakdowns, eg sender of funds, date of transactions, the banks involved.
So what is the required level of detail required by the PL ? eg do the LFC accounts provide a very high level of resolution in terms of received sponsorship funds ?.

It seems to me that we are being required to report to a far higher level of resolution than any other club.

So for example if we looked at the Norwich accounts for one year and demanded precise details of how, when, why funds received from the Norfolk Turkey company ended up in the Norwich accounts. And let's say it transpires one of the directors of the Turkey company was a cousin of Delia Smith ! Bingo false accounting, disguised equity funding, throw the book at them.

was it fair value for Norwich though?

 

[blue cigar]

was it fair value for Norwich though?

Isn't fair value assessed at the time though?
Ps, no idea what fair value for Norwich is!

 

[Man_City_Loyal]

Layman question and one that I'm sure will have been asked and answered.
If the PL amateur panel punish us - I know there's no appeal process - well, none worthy of the name, - but if we are absolutely adamant they are wrong and the finding is unjust and without evidence - can we sue for defamation and reputational damage that such a finding and the months of conjecture will have caused? In effect we take it into a legal sphere.

correct, only appeal process is infront of another PL panel.

No court etc.

 

[johnnytapia]

No were not operated like that, but it's fundamental to the never ending smear campaign that lies like that are repeated...

the reality is somewhat different...

e.g. From the MCFC Annual Report (2010-2011) [1], the Auditors BDO [2] stated this :-

"Opinion on financial statements

In our opinion the financial statements:

Give a true and fair view of the state of the Group’s and the Company’s affairs as at 31 May 2011 and of the Group’s loss for the year then ended;
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
Have been prepared in accordance with the requirements of the Companies Act 2006."

So the PL are implicitly accusing BDO (world renowed auditors) of being either incompetent or complicit in false accounting. In addition they are implicitly accusing Etihad Airways accountants (KPMG and Deloitte) of being either incompetent or complicit in false accounting.

Refs

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[Iassel]

So effectively as I've mentioned a few times these Three people alone can ruin a £5 Billion company. Seems hard to believe if true.

It would be a minimum of 6 people - if City appealed, a new panel would be formed to hear that appeal.

Whether it’s 6,3 or even 1 is irrelevant though - these are serious people forming the panel and are not going to find in the PLs favour unless they prevent something explosive that City can’t defend.

But even if we examine the reality of a kangaroo court as people constantly panic about, say that what City put up is truly incontrovertible and the panel finds against the club anyway - off the record, City would be fucking delighted as it’s basically the only route outside of the PL environment to an external court which is where the club have always argued this should be handled.

 

[Iassel]

So the PL are implicitly accusing BDO (world renowed auditors) of being either incompetent or complicit in false accounting. In addition they are implicitly accusing Etihad Airways accountants (KPMG and Deloitte) of being either incompetent or complicit in false accounting.

No they are not.

Auditors only review what is put infront of them.