Premier League unveils financial, ownership rules
Source: Agencies |
August 5, 2010, Thursday
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Print Edition
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ENGLAND'S Premier League has introduced new ownership and financial regulations for the new season in an attempt to avoid a repeat of Portsmouth's implosion last season.
Under a series of owners, Portsmouth ran up debts of more than 100 million pounds (US$159 million) to creditors, including the British government's revenue and customs authority.
The league said on Tuesday that it now requires prospective new owners to prove they have sufficient funds to sustain the club for another year and can now contact the government directly to check that clubs are up to date with taxes.
The British government's revenue and customs authority chased Portsmouth over a claim for 37 million pounds (US$59 million) in unpaid taxes and is challenging the club in court over its proposal to pay creditors just a fifth of the money it owes over the next four years.
"Had we had the rules in place in the transfer window in January 2009, we could have intervened," Premier League chief executive Richard Scudamore said. "We probably would have been able to stop some of the worst things that happened.
"We believe we have the early warnings in place to avoid having a repeat of the Portsmouth situation. I don't see any clubs at the same risk point Portsmouth was at this time a year ago."
Clubs will be required to publish ownership details annually on their website and provide the league with a directors report that declares any payments above 25,000 pounds (US$39,800).
The Premier League has not set fixed punishments for clubs that break the new rules, but existing penalties include points deductions and bans on transfer activity.
Negotiations
Meanwhile, a Syrian businessman has claimed yesterday he is in "advanced negotiations" to buy Liverpool from the club's financially troubled owners.
Yahya Kirdi, a former Syria international, is representing a group of investors from the Middle East and Canada.
Kirdi said that an "agreement has been reached on all major terms, including the purchase price, repayment of the existing bank debt from RBS and Wells Fargo and financing of a new stadium."
Late yesterday, Chinese businessman Kenny Huang denied making a formal bid for Liverpool.
"Mr Huang would like to emphasise that he has registered interest in investing in Liverpool FC but has made no formal bid," a statement said.
"There has been much speculation and commentary from a wide array of people, many of whom have little knowledge of the facts," it added.
A source close to Huang had said on Monday that talks to buy Liverpool's 237 million pound (US$374.7 million) debt with major creditor Royal Bank of Scotland were underway.
Under a series of owners, Portsmouth ran up debts of more than 100 million pounds (US$159 million) to creditors, including the British government's revenue and customs authority.
The league said on Tuesday that it now requires prospective new owners to prove they have sufficient funds to sustain the club for another year and can now contact the government directly to check that clubs are up to date with taxes.
The British government's revenue and customs authority chased Portsmouth over a claim for 37 million pounds (US$59 million) in unpaid taxes and is challenging the club in court over its proposal to pay creditors just a fifth of the money it owes over the next four years.
"Had we had the rules in place in the transfer window in January 2009, we could have intervened," Premier League chief executive Richard Scudamore said. "We probably would have been able to stop some of the worst things that happened.
"We believe we have the early warnings in place to avoid having a repeat of the Portsmouth situation. I don't see any clubs at the same risk point Portsmouth was at this time a year ago."
Clubs will be required to publish ownership details annually on their website and provide the league with a directors report that declares any payments above 25,000 pounds (US$39,800).
The Premier League has not set fixed punishments for clubs that break the new rules, but existing penalties include points deductions and bans on transfer activity.
Negotiations
Meanwhile, a Syrian businessman has claimed yesterday he is in "advanced negotiations" to buy Liverpool from the club's financially troubled owners.
Yahya Kirdi, a former Syria international, is representing a group of investors from the Middle East and Canada.
Kirdi said that an "agreement has been reached on all major terms, including the purchase price, repayment of the existing bank debt from RBS and Wells Fargo and financing of a new stadium."
Late yesterday, Chinese businessman Kenny Huang denied making a formal bid for Liverpool.
"Mr Huang would like to emphasise that he has registered interest in investing in Liverpool FC but has made no formal bid," a statement said.
"There has been much speculation and commentary from a wide array of people, many of whom have little knowledge of the facts," it added.
A source close to Huang had said on Monday that talks to buy Liverpool's 237 million pound (US$374.7 million) debt with major creditor Royal Bank of Scotland were underway.
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