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EFL have fresh concerns over Hillsborough sale

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The English Football League has asked Sheffield Wednesday to explain why a £38 million profit for the “sale” of Hillsborough, which enabled them to avoid sanctions for breaching strict financial regulations, was detailed in their 2018 accounts when Land Registry documents date the purchase to almost 12 months later.

 

Wednesday are among a number of clubs under scrutiny for exploiting a loophole that has allowed them to remain compliant with the EFL’s Profit and Sustainability rules by essentially buying the stadium from themselves.

 

But ahead of what could be a tense EFL clubs meeting on Thursday, with the row between Middlesbrough, Derby County and the EFL expected to escalate, The Times has learned that fresh concerns have been raised about paperwork that has been submitted…

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1 minute ago, mkowl said:

Tbf it's a reasonable question :ph34r:

 

I suppose DC could see into the future. 

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3 minutes ago, alanharper said:

The EFL's kangaroo court already think they know better than Her Majesty's justice system so overruling professional auditors should be no problem.  

However given one of the auditors test would ordinarily be to check land Registry as independent evidence of a purchase or sale ......

 

However a sale does not need to be legally completed for it to be included in the accounts - if a valid contract was in place at 31st July 2018

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This is more tedious than bloody Brexit.

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Substance over legal form is a pretty standard accounting concept which may well be the key to all this 

 

 

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2 minutes ago, mkowl said:

However given one of the auditors test would ordinarily be to check land Registry as independent evidence of a purchase or sale ......

 

However a sale does not need to be legally completed for it to be included in the accounts - if a valid contract was in place at 31st July 2018

Surely the auditors would have checked this out before signing off the accounts given how strict the rules are?

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Who's up for another break away league? :duntmatter:

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Just now, Hitcat said:

This is more tedious than bloody Brexit.

 

Unfortunately it could also be incredibly relevant to the number of points we gain in the final table

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1 minute ago, mkowl said:

However given one of the auditors test would ordinarily be to check land Registry as independent evidence of a purchase or sale ......

 

However a sale does not need to be legally completed for it to be included in the accounts - if a valid contract was in place at 31st July 2018

 

It sounds like a pretty stupid elementary error to make if true. Surely they would have gone through this with a fine tooth comb before submitting the figures ?

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1 minute ago, Hookowl said:

Surely the auditors would have checked this out before signing off the accounts given how strict the rules are?

 

Well I would have plenty of evidence to back my judgement given you would know the scrutiny you could face 

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1 minute ago, Ibbo48 said:

 

It sounds like a pretty stupid elementary error to make if true. Surely they would have gone through this with a fine tooth comb before submitting the figures ?

Well it was a material adjustment - just the 38m profit so it's not like there was a 100 quid difference on petty cash

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Just now, mkowl said:

 

Well I would have plenty of evidence to back my judgement given you would know the scrutiny you could face 

 

Exactly that mk. You can’t imagine that they haven’t thought this through thoroughly 

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This whole thing is an absolute shambles.

 

The Football League is an god awful competition now, and the EFL would struggle to run a kids tournament without cocking something up.

 

What is football now when it’s come to this?

 

Teams possibly facing points deductions because a stupid rule, that doesn’t work, has forced them to sell their own assets back to themselves. It’s not what the games about.

 

 

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Auditors are well known for asking these questions via a national newspaper. 

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