Financial Fair Play Set For Premier League
The Premier League has ratified the agreement over Financial Fair Play regulations, according to media reports, with new rules set to cap wages and limit losses coming into effect from next season ahead of UEFA’s new regulations.
The proposals were approved by clubs in February and Premier League chief executive Richard Scudamore is reported to have been pushing for approval at a shareholders’ meeting on Thursday, which also saw Hawk-Eye’s goal-line technology system voted in for use from next season.
Under UEFA rules, which come into effect from 2014/15, clubs have to minimise losses or face the possibility of being excluded from European competition, and Scudamore has confirmed any club breaking the Premier League’s agreed rules will face a points deduction.
The key points of the plans promise two major regulations which will limit players’ wage bills from next season and set a club loss limit of £105 million over three years.
The wage cap will start at £52 million and increase by £4 million each year to £60 million in 2015/16, and only seven of the 20 current Premier League clubs are under that total at the moment.
