Southampton Chair Unhappy With EPL Decision To Impose Wage, Spending Controls On Clubs
EPL side Southampton Exec Chair Nicola Cortese "has criticised the Premier League's decision to impose wage and spending controls on member clubs," according to Peach & Ziegler of the PA. Saints reported a £0.9M ($1.34M) profit for the last six months" of '12, helped by "the increased income of being promoted to the top flight." That result, and a wage bill that is 59% of turnover, would see Southampton comfortably comply with the new financial regulations, "but Italian banker Cortese insists owners should be allowed to run their clubs as they wish." Cortese: "We believe very strongly that each club should continue to be permitted to run their business - including their pay rolls - as they see fit. This is fundamental to the future integrity of football" (PA, 3/8). The BBC reported that under the new controls, no club will be allowed to make a total loss of more than £105M ($156M) over the next three seasons and "must limit their player wage bills from next season." Clubs whose total wage bill is more than £52M ($77M) will only be allowed to increase their salaries by £4M ($5.9M) per season (BBC, 3/8).