PREMIER LEAGUE

SECTION E: CLUBS – FINANCE
PREMIER LEAGUE RULES: SECTION A E
E.54.
E.55.
E.56.
E.57.
E.58.
E.59.
E.60.
The Board shall determine whether consideration included in the Club’s Earnings Before Tax
arising from a Related Party Transaction is recorded in the Club’s Annual Accounts at a Fair
Market Value. If it is not, the Board shall restate it to Fair Market Value.
The Board shall not exercise its power set out in Rule E.54 without first having given the Club
reasonable opportunity to make submissions as to:
E.55.1. whether the said consideration should be restated; and/or
E.55.2. what constitutes its Fair Market Value.
If the aggregation of a Club’s Earnings Before Tax for T-1 and T-2 results in a loss, any
consideration from Related Party Transactions having been adjusted (if appropriate)
pursuant to Rule E.54, then the Club must submit to the Secretary the calculation of its
Adjusted Earnings Before Tax for each of T, T-1 and T-2.
If the aggregation of a Club’s Adjusted Earnings Before Tax for T, T-1 and T-2 results in a loss
of up to £15m, then the Board shall determine whether the Club will, until the end of T+1, be
able to pay its liabilities described in Rule E.14.7.1 and fulfil the obligations set out in Rules
E.14.7.2 and E.14.7.3.
If the aggregation of a Club’s Adjusted Earnings Before Tax for T, T-1 and T-2 results in a loss
of in excess of £15m then the following shall apply:
E.58.1. the Club shall provide, by 31 March in the relevant Season, Future Financial
Information to cover the period commencing from its last accounting reference
date (as defined in section 391 of the Act) until the end of T+2 and a calculation of
estimated aggregated Adjusted Earnings Before Tax until the end of T+2 based on
that Future Financial Information;
E.58.2. the Club shall provide such evidence of Secure Funding as the Board considers
sufficient; and
E.58.3. if the Club is unable to provide evidence of Secure Funding as set out in Rule
E.58.2, the Board may exercise its powers set out in Rule E.15.
If the aggregation of a Club’s Adjusted Earnings Before Tax for T, T-1 and T-2 results in losses
of in excess of £105m:
E.59.1. the Board may exercise its powers set out in Rule E.15; and
E.59.2. the Club shall be treated as being in breach of these Rules and accordingly the
Board shall refer the breach to a Commission constituted pursuant to Section W
of these Rules.
The sum set out in Rule E.59 shall be reduced by £22m for each Season covered by T-1 and
T-2 in which the Club was in membership of the Football League.
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