At today’s Extraordinary General Meeting, EFL clubs formally ratified the new Club Financial Reporting Panel (CRFP) and Club Financial Reporting Unit (CFRU).
Club Financial Reporting Unit The purpose of the CFRU is to oversee the League’s Regulations in relation to Club Financial Records, HMRC Reporting and the Financial Fair Play (FFP) Regulations (P&S in the Championship and SCMP in Leagues One and Two).
The CRFU will be the primary point of contact with Clubs and their Officials and will have delegated authority from favour for independent decision making and the Board.
This gives the CRFU the right to exercise the League’s existing powers to compel the provision of information and documents as it works to review Clubs’ submissions under the Financial Regulations.
Club Financial Reporting Panel The CRFP will be an independently appointed expert panel, comprising of members with appropriate accountancy, legal and football expertise.
The Panel will make determinations based on the information provided to the CFRU and by the relevant Club(s).
In the event that either the CRFU or the Club consider that the CFRP has made an incorrect decision, a right of appeal to a League Arbitration Panel is available.
John Potterill-Tilney, Director of the Independent Club Financial Reporting Unit, said: “The formal introduction of the CFRU and the CFRP will bring additional consistency and independence to decision making in respect of matters relating to the Financial Regulations.
“The CFRP is an important component in that its presence removes conflict of the EFL as a representative body but also as a sanctioning authority – adding a further layer of independence.”
