Premier League finances face further scrutiny
The Premier League will keep a close eye on by the Premier League clubs' accounts and tax liabilities
Premier League clubs could be hit by transfer bans if they fail to stick to
new financial rules set by the Premier League.
The rules, which include an annual requirement to demonstrate the club is not
in debt with the taxman, and submits independently audited accounts, come into
effect from next season.
“The whole purpose of this is to protect the viability and sustainability of
the clubs,” said Premier League chief executive Richard Scudamore, reported the
BBC.
The rules will not prevent clubs from amassing debt.
“Contrary to what many people think, the clubs from a financial point of view
are well run. They all have qualified accountants.”
The clubs will have to provide the League with audited accounts by 1 March
annually, and show it does not have debts to the taxman or to other clubs.