Premier League clubs will have to get their financial house in order - or face the prospect of being banned from making transfers.
The new rules unveiled yesterday mean clubs will have to provide their annual accounts to the Premier League by March 1 every year, showing they do not have outstanding tax debts, or debts to other clubs. Sanctions will include a transfer ban and restrictions on contract talks.
With a worry over escalating debt, Richard Scudamore, chief executive of the Premier League, said the move is aimed at ensuring clubs remain in control of their finances and avoid the risk of going into administration.
"It is absolutely essential that these clubs are run as viable, going concerns," he said.
"We would far rather intervene than risk a club going into administration. The whole purpose of this is to protect the viability and sustainability of the clubs.
"At all times the board of the Premier League will be applying a test which basically says this: can the club fulfil its fixtures, pay off its creditors when they are due and also to meet obligations to the Premier League's contracts and partners?
"If the board believe a club is at risk of not meeting those obligations, it has to then step in and agree a budget for the running of that club. Any transfers can be embargoed. Expulsion is the ultimate sanction, but it's about prevention, not cure. Contrary to what many people think, the clubs from a financial point of view are well run."
But the Premier League could be on a collision course with Uefa as their proposals may not meet entirely with Michel Platini's approval. The Uefa president is eager for tougher sanctions against clubs who spend more than they make from revenue, such as ticket sales and television deals.
Platini has been vociferous on this issue and demanded clubs do not become over-reliant on rich benefactors or incur massive bank debts.
Punishments from the European governing body could include exclusion from competitions such as the Champions League.
A Uefa executive committee last night approved the plan, which would start in 2012, and Platini said: "We don't want to kill or hurt the clubs. On the contrary, we want to help them in the market. The teams who play in our tournaments have unanimously agreed to our principles. The only people who want fewer rules are the ones who line their pockets."
But Scudamore is unconvinced the Premier League clubs will accept Platini's idea.
Gerry Sutcliffe, the Sports Minister, is another as he welcomed the new direction English football was heading.
He said: "The Premier League's new rules can only be good for the game. We were concerned with the financial governance at clubs and the element of home-grown players and it is now being addressed by these announcements.
"But when it comes to the Uefa's proposals, we have to find a compromise. You can't compare like for like. The French league and the Premier League are different in the way they work and Uefa have to understand this.
"I hope that will be the case gand we will work with them on this. There is no problem with foreign ownership or investment as long as clubs are sustainable.
"What we want long term is a league with the world's best players, clubs that are in healthy financial shape and that we have a strong national team with more home-grown talent coming through the clubs.
"Of course it might take time, but we are working together and making good progress towards achieving that."
akhan@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Book%20Details
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
States of Passion by Nihad Sirees,
Pushkin Press
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Structural%20weaknesses%20facing%20Israel%20economy
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UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
COMPANY%20PROFILE%20
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Company%C2%A0profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
SCHEDULE FOR SHOW COURTS
Centre Court - from 4pm (UAE time)
Angelique Kerber (1) v Irina Falconi
Martin Klizan v Novak Djokovic (2)
Alexandr Dolgopolov v Roger Federer (3)
Court One - from 4pm
Milos Raonic (6) v Jan-Lennard Struff
Karolina Pliskova (3) v Evgeniya Rodina
Dominic Thiem (8) v Vasek Pospisil
Court Two - from 2.30pm
Juan Martin Del Potro (29) v Thanasi Kokkinakis
Agnieszka Radwanska (9) v Jelena Jankovic
Jeremy Chardy v Tomas Berdych (11)
Ons Jabeur v Svetlana Kuznetsova (7)
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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