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.
“It’s clear that they’re (PSR) built to make sure that clubs who do not drive significant revenues cannot catch up,” Textor said at the Financial Times Business of Football Summit in March. “Financial fair play is a fraud of a term, to say it’s about sustainability. Sustainability should be about the quality of your balance sheet, not ratios against your profit and loss.”
Textor also pointed out that Crystal Palace’s ownership group, which includes three billionaires, is not allowed to spend at the level of top-six teams. “We have got three billionaires in our ownership group (at Palace). We’re not allowed to spend at the level of teams that are in the top six. Josh Harris has no trouble with money, he just bought an NFL team [the Washington Commanders], he owns the [Philadelphia] 76ers [basketball team]. But Steve [Parish, co-owner and chairman] is not allowed to go out and spend that kind of money, he gets docked points and sent to the second division.”
Textor’s comments highlight the ongoing debate about financial regulations in the Premier League and their impact on clubs like Everton. “I’m just saying you cannot have a rule that says somebody who has the money is not allowed to spend it because their club isn’t big enough. Yet how do you get big ever?” he added.
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 will likely add to the discussion about the need for reform in the Premier League’s financial regulations.
Sport nation