Premier League reveals new financial rules
Wed 4th Aug 2010 | Money & Finance
The Premier League has announced new ownership and financial regulations for season 2010/11.
The new financial regulations come into place following a consultation process with the Premier League’s 20 member clubs. Each has agreed to introduce a number of new rules for season 2010/11, specifically in the areas of Club ownership, finance and HMRC reporting.
The Premier League Board believes that these new rules will complement existing financial regulation to further encourage sustainability and good governance.
These new Rules are as follows:
- Means and abilities test: A prospective new owner must provide future financial information to show the projected financial position of the Club should a takeover go through. A prospective new owner must also show proof of funds to prove they can sustain the Club for the year ahead.
- Meeting new owners: The Premier League Board will have the power to request a meeting with any person proposing to acquire control of a Club.
- HMRC reporting: The Premier League Board can request quarterly information from each Club showing that they are up-to-date with payments to HMRC in respect of PAYE and National Insurance; and
- Each Club will give HMRC permission to share directly with the Premier League Board details of any non-payment of PAYE or National Insurance.
- Owners & Directors Test: Re-named and strengthened. Persons barred from other sporting organisations/competitions and professional bodies will not be permitted to be a director of a club.
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