Leicester City have had a ruling from the Club Financial Reporting Panel (CFRP) go in their favour, a statement from the English Football League (EFL) confirmed, after the club turned to sports lawyer Nick De Marco.
In a statement released on Wednesday, the EFL state that City were forecasted to be in breach of financial rules, with the league requesting a business plan from the club. City argued that the rules did not apply to them, and have subsequently been backed by the CFRP in a hearing.
Reports earlier this week claimed that City could face a points deduction due to Championship and Premier League rivals suspected them of breaching financial rules. The EFL have now provided the latest with their statement.
That matter was referred by the Club to the independent Club Financial Reporting Panel (CFRP) which concluded that under the Rules as currently written, Rule 2.9 did not apply to the Club and so it was under no obligation to submit and agree to a business plan,” the statement read.
“The CFRP decision has been published today and will help in informing the EFL on the potential Rule amendments that will be proposed for consideration by Championship Clubs in the future to ensure all Clubs are treated equally under the Rules.”
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