Nottingham Forest and Everton face points deductions, after being charged by the English Premier League for breaching their profitability and sustainability rules (PSR).
Everton has already been handed a separate 10-point deduction this year over its finances in the 2020/21 season, which meant it fell into the relegation zone.
Both clubs have now been referred to the judicial panel chair, who will appoint an independent commission to determine the appropriate sanction.
According to the league's financial fairplay regulations, clubs are permitted to lose a maximum of 105 million pounds (NZ$215.5 million) over a three-year period.
"Everton can assure its fans that it will continue to defend its position during the ongoing appeal and, should it be required to do so, at any future commission... and that the impact on supporters will be reflected as part of that process," said Everton.
The Merseyside club has filed an appeal against its initial points deduction, which it labelled "wholly disproportionate and unjust".
Forest, who has not previously run afoul of the regulations, become the third club charged by the EPL, following Everton and champions Manchester City.
"The club intends to continue to cooperate fully with the Premier League on this matter, and are confident of a speedy and fair resolution," said Forest.
Until 2022, the East Midlands club was in the second-tier Championship, where clubs are permitted a maximum loss of 39 million pounds (NZ$80 million) across three seasons or 13 million pounds (NZ$26.7 million) per season, meaning its permissible losses over the last three campaigns would add up to 61 million pounds (NZ$125.2 million).
Upon its promotion for the 2022/23 season, Forest broke the record for most transfers (21) by a Premier League club in the close-season window.
All Whites captain Chris Wood was loaned to Nottingham in January 2023 and joined the club permanently in June, scoring a league hattrick against former club Newcastle United in December.
Earlier this year, Manchester City was also referred to an independent commission over more than 100 alleged breaches of finance rules, since the club was acquired by the Abu Dhabi-based City Football Group in 2008. No verdict has been reached in that case.
Clubs in England's top flight have been docked points before, with Middlesbrough having three points deducted in 1997, when they failed to fulfil a fixture, while Portsmouth were given a nine-point penalty in 2010, when the financially-troubled club entered administration.
Reuters
