In brief, Premier League clubs are allowed to make losses of up to £105 million over a rolling three-year period and the accounting period ends on June 30. That explains why Everton, Aston Villa, Chelsea, Nottingham Forest and Newcastle United have been busy in the last couple of weeks – and academy players are being moved between clubs because sales of that kind go into the accounts immediately as pure profit while purchases are spread over the length of a contract.

Leicester City are a unique case this time around because they already face one PSR charge from the Premier League dating back to 2022/23. The case has been referred to an independent panel.

They are now trying to avoid a second charge for breaches in their 2023/24 season in the Championship – and the EFL has different rules, with clubs allowed to lose up to £39m over three years or, in this instance, £13m in one season. Spending on items such as academy, infrastructure or women’s football doesn’t count towards the calculations.

Leicester have already banked about £10m in compensation from Chelsea for losing manager Enzo Maresca and his coaches, and the potential sale of Kiernan Dewsbury-Hall, valued at about £35m, to Chelsea would be expected to take them well onto the right side of the threshold.

There is a race to get business done, but Dewsbury-Hall might not necessarily need to be photographed holding a scarf outside Stamford Bridge before midnight tonight for Leicester to comply with the EFL’s demands.

Everton’s £60m sale of Richarlison to Tottenham in 2022 was not announced until July 1 but still went into the accounts for 2021/22 and last year’s £6m sale of Ellis Simms to Coventry went in the books for 2022/23 despite not being concluded until July 7.