The national media heavily criticizes Nottingham Forest’s FFP, calling it “killing ambition

“But there are two thoughts at play here. The first is that the PSR rules as they stand, which are the Premier League’s version of Financial Fair Play, did not appear fit for purpose. The second is that by trying to do the right thing there is a very real danger of undermining the whole thing and killing ambition and competition. It is as if some clubs are in danger of being punished despite having the means to pay.”

Elsewhere, Charlotte Duncker of The Times was critical of Forest’s spending since promotion, claiming the owners acted like ‘children in a sweet shop’ over transfers.

She wrote: “Forest had been talking to the Premier League about the deal [Brennan Johnson’s move to Tottenham], which represented pure profit because Johnson was home-grown, all summer in an attempt to show they were trying to balance the books in the same way that Everton sold Richarlison to Spurs in 2022.

“Despite this, the ownership continued to act like children in a sweet shop. Over a hectic final 48 hours of the window, a further eight players arrived, with some of the names not discussed before deadline day. To the disbelief of many inside the club, Forest ended up with even more players to integrate.

“Neither those who arrived on the most recent deadline day, such as the £30 million midfielder Ibrahim Sangaré from PSV Eindhoven, nor the sale of Johnson are included in the accounts for 2022-23, which contributed to Forest’s breach.

“Sources say Forest believed their situation was different to Everton’s because they have co-operated with the Premier League throughout the season and been transparent about their finances. In the end, spending £250 million on 43 players was always going to be a risky business. With the Premier League setting a precedent by deducting ten points from Everton, Forest will be waiting with bated breath to find out how they will be punished.”

Reacting to the news, Sky Sports ’ chief reporter Kaveh Solhekol said: “These rules are designed to deal with these cases very, very quickly. They are fast-track, new, streamlined rules.

“These accounts went in on December 31, two weeks later we’re hearing Everton and Nottingham Forest are in breach of the rules. The clubs have two weeks to respond to these charges and pretty quickly two separate independent commissions are going to be set up. And within 12 weeks these independent commissions will have finished their hearings – which last between one and five days – and a week after that we will get the decision.

“By April 12 we will have the decision in these cases. Then the clubs will have seven days to decide whether they want to appeal.

“If they do want to appeal the final verdict must be in by May 24 – five days after the end of the season.”