Premier League news: a recent statement confirmed plans for financial reform in the top flight, which may have a significant effect on Manchester United and Manchester City.
The Premier League have released a statement over financial reform (Image: Joe Prior/Visionhaus via Getty Images)
In a statement released on Monday, March 11, the Premier League confirmed its intentions to implement a new financial plan aimed at stabilizing spending in the English top flight.
“At a Premier League Shareholders’ meeting today clubs agreed to prioritise the swift development and implementation of a new League-wide financial system,” the document states.
“This will guarantee the Premier League’s ability to maintain its current world-class investment at all levels of the game and give clubs confidence regarding their future financial plans.”
“Pursuant to the new financial system being formally approved by clubs, Premier League clubs also reaffirmed their commitment to obtaining a sustainably funded financial agreement with the EFL.”
“The League and clubs also reiterated their long-standing and continuous dedication to the game, which includes £1.6 billion given to football at all levels during the current three-year cycle.
“The Premier League’s significant funding contributions cover all EFL clubs and National League clubs, as well as women and girls’ football, and the grassroots of the game.”
This comes at a time when the government is contemplating the establishment of an independent regulator due to concerns about the wealth disparity in football. Manchester City is one of the three teams that the league has already charged for violating financial regulations.
Everton was the first team to suffer the consequences of this kind of error last year when they were docked ten points for going over the maximum amount of losses allowed by the profitability and sustainability regulations (PSRs).
They could now receive a second penalty if they violate these regulations once more between now and 2022–2023. But following an appeal, their punishment was lowered to just six points.
Later this week, Nottingham Forest will find out how they were punished. City is awaiting confirmation of their trial after being accused of 115 additional financial offenses.
