Everton have £451 million in shareholder loans provided by Farhad Moshiri.

Football finance expert Kieran Maguire has explained what Manchester City’s victory over the Premier League will mean for Everton.

City successfully defeated the governing body in a legal case, with Associated Party Transaction (APT) rules deemed unlawful. The rules are designed to stop sponsorship deals above the ‘fair market value’ with businesses that have close ties to club owners.

But after having two commercial deals blocked, City successfully argued that APTs were no different than shareholder loans at zero or a low interest rate. Such loans are exempt from Premier League profit and sustainability rule (PSR) calculations.

Everton have a total of £451 million of shareholder loans injected by majority owner Farhad Moshiri, with Brighton (£373 million) and Arsenal (£250 million) among the other 13 clubs who owe money to their respective owners. The Toffees have been found guilty of two PSR breaches in recent seasons, leading to a combined eight-point deduction.

But Maguire, speaking on talkSPORT, revealed that Premier League clubs will have to vote for the rules to change. He said: “A lot would depend on what the Premier League decides to do.

“Any changes have to be decided by two-thirds of the clubs so we're talking 14. If you take a look at the details, 10 or 11 clubs have borrowed interest-free loans from owners. The City are saying if you borrow and pay no interest, you get a financial advantage, surely that's no different from signing a commercial deal and the commission reached the same conclusions.

“Where that would lead clubs going forward would put them in a sticky wicket. Arsenal don't have a spare £250 million, Everton certainly don't have a spare £450 million, Brighton don't have £373 million.

“There are ways around it, there is always a creative accounting solution but it does make things more awkward because City can continue to prevent these rules going ahead while there is an inconsistency with the loans.”

Meanwhile, Maguire believes that Everton should not be impacted should The Friedkin Group’s takeover of the club go ahead by the end of this year as planned.

“That should mean Everton have little to worry about if the takeover of the club by The Friedkin Group goes ahead without issue,” he said via the Liverpool Echo.

City’s APT case is different to their battle against the Premier League over an alleged 115 breaches of financial rules.