MONEY TALKS
Premier League announce major shake-up of rules – but Man City, Everton and Nottingham Forest won’t be affected
Clubs could not reach a separate financial agreement, though
PREMIER LEAGUE clubs have voted to switch from the current Profitability and Sustainability Rules to a new system.
The new system would mirror Uefa’s Squad Cost Ratio, tying spending on wages and transfers to a fixed percentage of income.
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Clubs voted at a top flight "shareholders" meeting, with a broad agreement for the new system.
However, treble winners Manchester City did vote against the proposed switch.
The new system could be introduced as early as this summer and will not affect the ongoing cases against Everton, Nottingham Forest and City.
Their cases will instead be judged on the existing financial models, report .
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Forest and Everton were both charged with PSR breaches for the 2022/23 season back in January.
The Toffees have already faced a six-point deduction this term for a previous PSR breach, with their penalty reduced from ten points on appeal.
As for City, they were charged with over 100 breaches of the Premier League's financial rules between 2009 and 2018 in February 2023 following a four-year investigation.
City have vehemently denied any wrongdoing.
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Meanwhile, clubs rejected voting on the proposed £995m funding deal for the EFL - in a huge rebuff for chief executive Richard Masters.
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Masters had summoned the clubs for a meeting designed to ratify the official offer to the EFL’s 72 teams.
But in a massive setback, the clubs made it clear they were not interested in even discussing the planned six-year deal.
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In a statement, a Prem spokesman said: “Clubs agreed to prioritise the swift development and implementation of a new League-wide financial system.
“This will provide certainty for clubs in relation to their future financial plans and will ensure the Premier League is able to retain its existing world-leading investment to all levels of the game.
“Alongside this, Premier League clubs also re-confirmed their commitment to securing a sustainably-funded financial agreement with the EFL, subject to the new financial system being formally approved by clubs.
“The League and clubs also reaffirmed their ongoing and longstanding commitment to the wider game which includes £1.6 billion distributed to all levels of football across the current three-year cycle.”
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