September 22 2014 Latest news:
Wednesday, November 14, 2012
Manchester United will step up their campaign for greater financial controls in the Premier League later this week.
United are one of the prime movers in an effort to extend UEFA’s Financial Fair Play regulations throughout England’s top flight.
In a conference call today to outline the Red Devils’ first-quarter financial performance, United executive vice-chairman Ed Woodward revealed the matter was on the agenda of a meeting of Premier League clubs later this week.
He insisted the policy was not being driven by self-interest in terms of limiting the players rival clubs could buy, but the need to ensure vast amounts of money coming into the Premier League are not used for chronic overspending, as was the case at Portsmouth.
“It is not trying to restrict teams from competing for players,” said Woodward.
“The reality is Premier League teams, as a collective group of 20 clubs, are extremely well off compared to other European teams.
“We are trying to impose some parameters about how clubs use the funds they are receiving from the collective so we don’t end up with a lot of clubs making annual and regular losses.”
United’s major rivals, Chelsea and Manchester City, are also bound by UEFA’s Financial Fair Play regulations.
Indeed, it has been suggested the two English clubs who have the richest owners in the Premier League are united with the Red Devils over the need to keep spending within reasonable proportions.
“We are supportive of proposals broadly mirroring Financial Fair Play which we abide by already,” said Woodward.
“Those discussions have developed.
“There is a meeting this week with the Premier League to continue to dialogue around that.
“A number of different parameters are being discussed, one of which is break even.”