Everton, a storied English soccer club trying to weather a serious financial storm, secured a modest victory on Monday when a record penalty that had sent it to the bottom of the Premier League standings was reduced on appeal.
Everton’s original penalty, a 10-point deduction for financial rules violations, was reduced to six points, lifting its chances of staying in the division — and of retaining access to the tens of millions of dollars in annual revenues that a place in the Premier League brings.
The successful appeal immediately lifted Everton to 15th place in the standings and eased the club’s fears of relegation and potential financial ruin. The reprieve, however, might be short-lived.
The Premier League in January announced that Everton and Nottingham Forest, another club at risk of relegation, faced additional charges of breaching cost-control regulations. If the teams are found guilty, the new case will almost certainly lead to another points deduction.
Everton, a founding member of the Premier League, has in recent years become a symbol for poor management and financial risk-taking. Crippled by expensive contracts and the cost of constructing a new stadium, the club faces debts of about $1 billion and continues to require regular infusions of millions of dollars in external financing to keep its operations running.
