The review, an extension of the EFL’s existing governance review, will consider the lessons to be learned from the recent financial difficulties of Bury Football Club, which led to the withdrawal of its membership of the EFL, and will seek to identify changes that help to ensure that similar problems do not occur in the future.

The review, carried out in full consultation with Clubs, will be conducted independently and led by Jonathan Taylor QC, an expert on commercial and regulatory issues in sport, who is leading the existing review of the EFL’s governance systems and procedures. Mr Taylor is co-head of the Sports Group at law firm Bird & Bird and has extensive experience in advising national and international sporting bodies. The review will result in a set of recommendations being made to the EFL Board and member Clubs.

The financial sustainability review will take place in two phases. Phase One will examine the background to Bury FC’s insolvency including the ownership of the Club, management decisions and funding arrangements. It will also consider the role of the EFL’s regulations, including the application of the Owners’ and Directors’ Test, procedures in respect of financial viability and the approach to insolvent Clubs and the EFL’s efforts to help secure a long-term future for Bury FC.

The review team will consider all evidence carefully and at the conclusion of Phase One, an interim report will set out the history and causes of Bury FC’s financial difficulties and identify the key lessons to be learned for the future.

That will feed into the next phase where the review will focus on the effectiveness of the EFL’s regulations and procedures in ensuring the financial sustainability of EFL Clubs. Jonathan Taylor QC will make recommendations on modifications to the EFL’s Articles of Association, regulations and procedures for consideration by the EFL Board and Clubs. Any changes approved by the Clubs at the EFL’s 2020 AGM would then come into immediate effect.