Sport nationEverton Takeover: John Textor Expresses Discontent with Premier League Financial Regulations
John Textor, the American businessman who has expressed interest in purchasing Everton, has spoken out against the current Premier League profit and sustainability (PSR) rules. Textor, who owns 45% of Crystal Palace, has placed his stake up for sale and has been vocal about his discontent with the financial regulations in place.
The PSR rules have been a topic of discussion in the Premier League, with several clubs facing points deductions for breaches. Everton was hit with an eight-point deduction for two separate breaches in the 2021-22 and 2022-23 seasons, while Nottingham Forest was docked four points. Leicester City has also been charged for an alleged breach in 2022-23 and may face a points deduction next season.
Textor believes that the current PSR rules are designed to maintain the status quo at the top of the league, preventing clubs like Crystal Palace from spending more money despite having wealthy owners. He argues that the rules are not about sustainability but rather about maintaining a balance between revenue and profit.
“Financial fair play is a fraudulent term,” Textor said at the Financial Times Business of Football Summit in March. “Sustainability should be about the quality of your balance sheet, not ratios against your profit and loss.”
Textor’s comments come as the Premier League considers reforming the PSR rules to align with UEFA’s financial sustainability regulations. However, there is no guarantee that the new model will be ratified at the Premier League’s AGM in June.
With 777 Partners’ takeover of Everton unlikely to happen, Textor’s interest in purchasing the club remains a possibility. His comments on the PSR rules highlight the ongoing debate about financial regulations in the Premier League and their impact on clubs like Everton.
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Austute Man