League finances allegedly breached by Everton.

The Premier League referred Everton to an independent commission on Friday after the team was accused of breaking financial rules last year.

Everton reported three years of losses of 372 million pounds ($454 million). The league’s earnings and financial sustainability rules allow teams no more than 105 million pounds ($128 million) of losses over three years or they could face penalties.

Penalties could lead to points reduction.

The league added that the process before the commission will be conducted confidentially and in private.

Everton said he was “disappointed” that they were referred to the commission and “was prepared to defend his position.”

“The club strongly disputes the allegations of non-compliance and, together with its independent team of experts, is confident that it has complied with the financial rules.”

Everton added that it had provided information to the league “in an open and transparent manner” for years and had “consciously chosen to act in good faith at all times.”

Everton’s majority owner is British-Iranian billionaire Farhad Moshiri, a partner of Russian Alisher Usmanov. In March last year, Everton announced that it had ended its sponsorship of companies belonging to Usmanov, after the European Union sanctioned him after the Russian invasion of Ukraine.

Everton avoided relegation by four points last year. Relegated Burnley and Leeds wrote to the league last May claiming Everton had breached financial rules.

Everton sits in 15th place, two points above the relegation zone.

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