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A lovely April Fool joke #1 - Leicester City suffer 5 points deduction?
Merlion96 (IP Logged)
01 April, 2016 06:26
Football bosses have yet to confirm that Leicester City's latest accounts have met strict financial rules.

The club claimed four weeks ago they had complied with the Football League's Financial Fair Play (FFP) scheme, aimed at limiting the amount of losses which can be made.

This was despite the Foxes reporting they racked up a deficit of £20.8 million last season. FFP rules state a club could only make a loss of £8 million in 2013-14, or face a transfer ban or a multi-million-pound fine.

City have said they were able to comply because £13 million of the losses were "allowable" under FFP.

The permitted losses were made up of a £9.4 million bonus to players and staff for winning promotion, youth academy costs of £1.6 million and other one-off payments.

However, the Football League said this month it was in "ongoing discussions" with the club about the issue.

Speaking on Friday, a league spokesman said these talks were continuing.

A finance expert said the discussions were likely to focus on an "international marketing and licensing" deal with the company Trestellar, of Sheffield.

The club said the multi- million-pound deal was aimed at exploiting the Thai owners' Far Eastern connections by allowing companies in the region to use the club's name and branding.

However, City declined to give a specific value for the deal or provide any details about Trestellar.

The club's accounts for 2013-14 show revenue from "sponsorship, executive suites, advertising and other income" soared to £16.07 million last season, from £5.2 million in 2012-13, helping to increase total revenue from £19.5 million to £31.1 million over the same period.

According to the Guardian newspaper, Trestellar, formed two years ago, does not have a website or a telephone number.

A former director of the business was Sir Dave Richards, the former Premier League chairman. The Guardian reported he is a friend of City chairman Vichai Srivaddhanaprabha and has given advice to City, although never in any official role at the club.

Sir Dave's son, David Richards Jnr, has also been a Trestellar director in the past. David Richards Jnr and his sister, Lisa, are the two equal co-owners of Trestellar, according to Companies House records.

The Mercury attempted to contact David Richards Jnr at graphic design and marketing company Glue, where he is a director, but was unable to speak to him. Glue is registered at the same address as Trestellar.

A club spokesman said: "The club agreed its exciting international marketing and licensing partnership with Trestellar Ltd in January, 2014, following an extensive tender process to identify a party best-suited to extending its commercial reach worldwide.

"The deal, which runs for five-and-a-half years, allows the club to monetise its unique brand in traditional UK markets and internationally – particularly in the Far East, where the club's ownership and profile create exceptional potential for growth. It is a standard practice for the club to carry out due diligence on prospective commercial partners during such tender processes and we were entirely satisfied with Trestellar's business operation."

Chartered accountant and City season ticket-holder Andrew Howard, of Thorpe Astley, said: "They (the Football League) would look very closely at any non-football- related revenue, particularly if it's seemingly led to a large increase in turnover, which appears to have happened here.

"The situation regarding FFP and the club needs to be cleared up as soon as possible.

"It's important because of how much the owners will be able to put into the club if they are hit by a big fine."

The club spokesman said: "We have maintained a consistent dialogue with the Football League before and after the submission of our compliant Financial Fair Play return. We expect this process to be concluded shortly."

Speaking earlier this month, City chief executive Susan Whelan said: "It should be noted one of the most successful seasons in the club's recent history was achieved while ensuring compliance with the Football League's FFP regulations."

A Football League spokesman said: "Leicester City supplied the relevant information in line with the League's Financial Fair Play rules and we remain in ongoing discussions with the club."

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Even Real Madrid and Barca got away with transfer embargo but certainly no point deduction.

Re: A lovely April Fool joke #1 - Leicester City suffer 5 points deduction?
Bergmars (IP Logged)
01 April, 2016 10:53
When all the FFP@#$%&was being bigged up some of us on here stated it would never come to fruition,the big hitters can walk away from the authorities leaving them with a non saleable product.It wasnever going to happen but to be honest if we cannot win the EPL by being the best it would be a hollow victory.Man City et al will spend big this summer and that is the galling thing because this season was the best opportunity we have had for some time and will be for the foreseeable.

A shadow of what we were

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