The deal was struck by the European Competition Commission, the Premier League and BSkyB to keep intact the Premier League’s lucrative £1bn TV rights deal.
Joe McLean, a partner with Grant Thornton’s recovery and reorganisation practice, said: ‘Premier League clubs should count their blessings and be grateful to their representatives for ensuring a much safer environment for the next three years.’
But his welcome came with the health warning that clubs should not make the mistake of slipping back into old habits.
‘The agreement of the deal is not a licence to spend. We are still witnessing examples of many clubs living beyond their means often disregarding what are often huge amounts of debt,’ he said.
He warned against clubs entering into lengthy and expensive contracts because of the prospect of smaller TV contracts in the years to come. ‘The next time around, the road to the negotiating table will not be paved with gold,’ he said.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children