Premier League Clubs Ratify FFP Rules, Vote In Favor Of Spending, Wage Restrictions
The Premier League’s Financial Fair Play regulations were "ratified at a summit in London" Thursday, according to Charles Sale of the London DAILY MAIL. The league "needed a two-thirds majority for the fine details of the wage restraints and cap on losses" -- accepted at the previous meeting by the narrowest of margins -- to be added to the rulebook. A number of clubs "were believed to be undecided" before Thursday, but 14 clubs voted in favor with five against, "while Swansea abstained altogether." There are "two significant elements of the new rules" -- to limit wage bills and restrict the amount clubs can make to £105M ($162M) over three years -- and any breach of salary or spending regulations "could result in a points deduction in the most extreme cases." Clubs whose total wage bill is more than £52M ($80M) "will only be allowed to increase their wages by" £4M ($6M) per season for the next three years. However, the restrictions "only apply to the income from TV money" -- so any income from sponsorship deals or tickets sale "can still be spent on wages" (DAILY MAIL, 4/11).