According to the Times, Premier League teams could write off losses attributed to the pandemic and to new stadium construction only during the 2020-21 season (Everton is building a new stadium to be ready next season). The league believed Everton tried to claim those losses again the next season after it overspent on player transfers and operational costs.
The punishment is the largest in the league’s history.
Everton said it was “both shocked and disappointed,” called the ruling “wholly disproportionate and unjust” and said it would appeal the ruling in a statement released Friday.
“Everton maintains that it has been open and transparent in the information it has provided to the Premier League and that it has always respected the integrity of the process,” Everton said in its statement.