FDs give super creditor rule red card
More than half of Premiership and First Division FDs have come out against the controversial 'super creditor' rule, saying football players should not be allowed to have first pick of the pie from ailing clubs.
Link: ‘Super creditors’ should go, say insolvency experts
According to today’s Accountancy Age/PKF survey of top clubs, 52% of football FDs believe players wield too much power in the current regulatory environment and say they should lose ‘super creditor’ status. The rule has recently sparked problems, as football players’ wages rose while advertising revenues and gate receipts fell.
The rule has meant that, without players’ consent, ailing clubs cannot sell expensive players when they can no longer afford them if they want to remain a part of the football leagues.
High player wages have often been blamed for the current football crisis, but industry experts say the market is responsible for setting them.