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 Newham Sports News

10:30
Sonny Upton celebrates a win

Super-welterweight hopes to get past Hall

Dagenham Boxing Club
09:00
Wapping Hockey Club has seen a surge in numbers due to Team GB's Olympic success (pic; Iain McAuslan)

Club’s open day sees increase in interest

Netherlands
Leyton Orient assistant manager Andy Edwards (right) watches on at Dagenham & Redbridge alongside Andy Hessenthaler (centre) and Danny Webb. Pic: SIMON O'CONNOR

O’s assistant manager Andy Edwards discusses reformed competition and strength of the east Londoners squad

Andy Hessenthaler
Yesterday, 18:47
Jamie Porter in bowling action for Essex (pic: Gavin Ellis/TGS Photo)

A round-up of the action on day one of the Division Two clash between Essex and Leicestershire

James Foster

Newsletter Sign Up

Most read sport

HOT JOBS

Show Job Lists

Competitions

You could win £15,000 to spend on either their mortgage or a deposit towards the home of their dreams

Wouldn’t it be lovely to have a period of time when you simply don’t have to worry about finding the money each month to pay your mortgage? When you don’t have to put money aside from your monthly income, or worry about having to afford other essential outgoings?

Read more
Which book character do you share cleaning habits with?

Whether you have more in common with put-upon Cinderella, emotionally turbulent Jane Eyre, or easily distracted Mole, you’re sure to appreciate that one lucky winner will receive four sessions of free cleaning. Enter our quiz for your chance to win. All runners up will get £10 off their first clean when making a repeat booking.

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now