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8 months ago
45 Premier League clubs have agreed to prioritise their efforts around a new financial system, the league said in a statement on Monday, after no agreement was reached during the shareholders’ meeting.
The new plans being introduced are seen as a financial blueprint to stabilise spending in the Premier League.
A statement from the Premier League read: “At a Premier League Shareholders’ meeting today clubs agreed to prioritise the swift developments and implementation of a new League-wide financial system.
“This will provide certainty for clubs in relation to their future financial plans and will ensure the Premier League is able to retain its existing world-leading investment to all levels of the game.
“Alongside this, Premier League clubs also re-confirmed their commitment to securing a sustainably funded financial agreement with the EFL, subject to the new financial system being formally approved by clubs.
“The League and clubs also reaffirmed their ongoing and longstanding commitment to the wider game which includes £1.6billion distributed to all levels of football across the current three-year cycle.
“The Premier League’s significant funding contributions cover all EFL clubs and National League clubs, as well as women and girls’ football, and the grassroots of the game.”
The latest development comes at a time the government is considering the introduction of an independent football regulator, which is something we’ve all heard former United captain Gary Neville speak about – as something he is in favour of seeing brought into English football.
It comes at an important time for the Premier League because three teams are already facing charges for breaking financial rules, with the worst culprits being Man City (115 charges!).
Everton were punished last year and were deducted 10 points for exceeding the permitted losses under profitability and sustainability regulations (PSRs). Although the punishment was reduced to 6 points following an appeal, the Toffees are now facing a possible second punishment for breaking the same rules in the period ending 2022/23.
It’s about time the Premier League throws the book at City. The heaviest book every written, if possible.
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