The Premier League is “drawing up a formal process to force ‘bad’ football club owners to sell their shares,” following former Chelsea owner Roman Abramovich’s “chaotic exit” last year, according to Samuel Agini of FINANCIAL TIMES. Sources said that the EPL is “in talks with its members about introducing a so-called divestment protocol.” This would “set out a process for club owners to exit in cases when the league bars them from serving as directors owing to ‘disqualifying events.’” The discussion follows moves by the Premier League to “toughen up its so-called owners’ and directors’ test, which assesses whether someone is fit to buy into a club.” The divestment protocol is “due to be discussed at a shareholder meeting in September.” Any rule changes “require approval from at least 14 member clubs out of 20.” Agini noted the Premier League “declined to comment.” However, several clubs “have concerns about the divestment protocol.” The protocol “highlights how clubs and their owners have come under increased scrutiny since the collapse of the failed European Super League in April 2021.” The Premier League’s definition of “director” is “broad and includes people who have control over a club, ‘shadow’ directors who give instructions that are followed, and also chief executives” (FINANCIAL TIMES, 8/18).
