A bit more on Derby:
Derby were referred to the commission in January 2020 regarding the same three-year accounting period (2015-2018) under which Wednesday have been charged. Derby posted a three-year loss of £9 million, but that included the sale of Pride Park to Mel Morris for £80 million. The problem there, is that the club's own books show its value as £41 million. The difference between the two valuations is therefore £39 million, which coincidentally is the exact amount a club is permitted to lose over three years under the Profit & Sustainability rules. Had the sale gone through at Derby's own valuation of £41 million, their three-year loss would have been £48 million, which is £9 million more than the rules permit.
Remember that the amount paid for the stadium must be its true market value, and that is the problem at Derby.
The timing of the sale could also be an issue. If Derby's claim that they did not sell the ground to Morris in a deliberate attempt to avoid a breach of the rules is to be believed, why did the sale take place on 28 June 2018, just two days before the end of the three-year accounting period?
In terms of a potential penalty, their alleged overspend of £9 million is less than the alleged overspend at Sheffield Wednesday (£18 million), and Derby appear to have complied with all other requirements. Therefore, any penalty applicable to Derby may be less severe than that applied to Sheffield Wednesday, where there are more factors to be considered by the commission.
From my post on page 24, it is likely that the maximum points deduction for Derby would be a maximum of 12 (and possibly less), which would not affect the relegation positions. Quite what it would do to Derby's ability to attract new investment is another matter.