Search

Premier League clubs vote for spending controls

14:59 07 February 2013

West Ham United co-owner David Gold. Photo: Anthony Devlin/PA

West Ham United co-owner David Gold. Photo: Anthony Devlin/PA

PA Wire/Press Association Images

Premier League clubs have voted overwhelmingly for spending controls including financial fair play and restrictions on salary increases, West Ham’s co-owner David Gold today confirmed.

Full details of the agreement will be announced by the Premier League later this afternoon but Gold said that the proposals for controls had received the backing of the majority of top-flight chairmen.

He said: “We have all voted and it was overwhelmingly supported, not by all the clubs - some are a little concerned - but the vast majority of the clubs voted in favour.”

It will be the first top-flight European league to bring in such a system, but it is expected to be less hard-hitting than UEFA’s financial fair play (FFP) scheme, which comes into force next season, in that it will allow club owners to cover significant losses.

Clubs will also be restricted by how much they will be allowed to increase their wage bills.

Gold added: “It’s not a salary cap, it’s a restraint on over-spending. It’s not a cap - it’s a restraint.

“If clubs increase their revenues then they can increase their spending.

“We have got restraint, that’s the important thing.

“What’s driving the whole thing is we’ve got to avoid another Portsmouth.”

Under FFP, clubs are limited to spending what they earn but with some flexibility to allow owners to cover losses by injecting more cash into the club, although not in the form of loans.

At today’s meeting, the chairmen were presented with a proposal for owners to be allowed to cover losses up to £105million over a three-year period.

That is significantly more flexible that UEFA’s which only allows losses of 45million euro (£39million) over three years to be covered by owners.

The Premier League’s announcement of the exact details this afternoon will confirm exactly what room for manoeuvre the clubs will have.

0 comments

Latest Sport Stories

Yesterday, 16:00
Leyton Orient player-manager Kevin Nolan shows his delight after their win against Newport County (pic: Simon O'Connor).

Brisbane Road boss believes team can earn more joy against Paul Cook’s Pompey

Ian Hendon
Yesterday, 15:30
Swim London 2016 hopes to boost participation numbers in the sport

Swim London looks to make most of European Aquatics Championships later this year

Elizabeth Olympic
Yesterday, 13:00
Leyton Orient player-manager Kevin Nolan (pic: Simon O'Connor).

Kevin Nolan looking forward to working closely with academy director Andy Edwards during his time at the club

Scott Kashket
Yesterday, 09:00
St Helen's triumphed in the Year Five and Six mixed basketball competition held by Langdon Academy Sport Partnership

The latest news from Langdon Academy Sport Partnership evening

Most read sport

HOT JOBS

Show Job Lists

Competitions

Sony Smart Ultra HD 55'' LED TV

Enjoy the ultimate entertainment experience in your living room with the Sony Smart Ultra 55’’ LED TV. Be the envy of all your friends with this huge TV- you can change your living room into your own cinema! Get the boys around to watch the football or get the girls around to watch the DVD of 50 Shades.. this is a prize that everyone would enjoy! Stand a chance to upgrade your current entertainment system by wining this fantastic prize.

Read more
Surface Pro 4

Technology is ever evolving. We are constantly being shown new technology that is innovative, revolutionary and designed to make life easier for us all. Gone are the days of dial up modems and computers so large you needed half a room to store it. We are in the age of smooth, small and sleek. Companies are all trying their best to create technology that is easy to transport and guaranteed to be user friendly.

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe