Furthermore, Harraghy told CNBC that a large portion of professional football clubs are still reporting operating losses from year to year. In noting that Premier league clubs spent more than three times the total amount of the other five major European leagues combined during the last January transfer window, Daniel Harraghy, senior analyst at Ampere Analysis, warns that clubs may argue the restrictive nature of additional regulation will threaten the league’s ability to attract the highest caliber of players in the world. “It is vital that regulation does not damage the game fans love to watch in the deepest professional pyramid in the world, or its ability to attract investment and grow interest in our game,” the Premier League detailed in its Wednesday statement. While the English Premier League has reportedly been resistant to having an independent regulator in the past, the EPL is now publicly embracing the need for change as it aims to strengthen regulatory methods within the league while not hindering its growth and continued success. “All too often we hear of flagrant financial misconduct, unsustainable risk-taking and poor governance driving clubs to the brink,” explained Andrew.Īnother element to the proposed oversight will empower fans by giving them a say in how teams are run, including potentially providing them with veto power over major club decisions like badges, kit colors, name changes, and stadiums. The result of these collapses causes significant damage to the entrenched, surrounding communities and their local economies. Citing what he calls “systemic issues” on the professional level, Andrew notes how 62 clubs have fallen into administration since the Premier League's inception in 1992. Part of the new regulation will ensure the Premier League funnels its revenue down into the lower club levels that need it the most. Parliament member Stuart Andrew hailed the new development as “the most radical overhaul of football governance since the rules were first invented in a London pub back in 1863.” An investigation by an independent commission is ongoing. The Premier League has charged the club with failing to reveal accurate revenue as well as player and manager spending. The new goals of the proposed regulation are also aimed at preventing clubs from breaching financial codes of conduct, as Manchester City was accused of doing earlier this month. USA Insider Passion Knows No Bounds: How One Premier League Fan Community Thrives In The U.S. RELATED: Wrexham To The Premier League? Ryan Reynolds Sets 10-Year Goal After Riveting FA Cup PerformanceĪdditionally, the government plans to bolster the vetting process of new club owners which will include incorporating a “stronger due diligence on sources of wealth and a requirement for robust financial planning.” Rights groups have long insisted that potential Premier League team owners face human rights probes – ones that Saudi Arabia’s sovereign wealth fund were not subject to when it purchased Newcastle United in 2021. The initiative, announced suddenly in 2021 with the goal of significantly increasing revenue through guaranteed entry in an elite international tournament, faced immediate backlash from fans, prompting the clubs to make an embarrassing reversal. Once approved, the new regulator will have the power to deny teams from participating in any tournaments that fail to meet stringent criteria, a seeming response to the effort on the part of several large Premier League clubs, including Liverpool, Manchester United, Chelsea and Manchester City, to join with other top European franchises to create a European Super League, according to CNBC. The government will establish a regulatory body to do just that, reasserting a measure of domestic control over a league that has seen an influx of foreign ownership and ambitions on the part of some clubs to capitalize on international revenue opportunities. The Premier League is in need of an independent regulator to govern, among other things, club sales, financial rule-breaking, and participation in "breakaway" competitions, the UK government has determined.
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