Date:Sunday June 14 2009
At their Annual General Meeting, Football League clubs have voted to introduce new financial regulations relating to tax payments.
Once necessary practical arrangements have been made, any club that falls behind with its employee related payments to HMRC will be subject to a transfer embargo until such time as the debt is cleared.
Football League Chairman Lord Mawhinney explained, "It is only right that we do not permit clubs that are unable to meet the costs associated with their existing playing staff to make further new player commitments."
Clubs have also agreed to give The League written permission to monitor, as appropriate, their tax affairs directly with HMRC, who have welcomed this new arrangement.
Lord Mawhinney said: "This new regime will provide us with an early warning system where clubs are facing financial problems. It should also help prevent HMRC debt reaching levels that otherwise could hinder the potential rescue of the club through a CVA.
"More importantly, football generally needs to develop a culture of paying its debts rather than putting them off for another day. This will help our clubs to become more financially sustainable in the longer term."
Clubs also approved a proposal from Derby County to increase the number of substitutes for Coca-Cola Football League matches to seven (from the current five), of which three may enter the field of play.
"We thought it was an idea that deserved further discussions, so we agreed to take it on.
As a club with a lot of up-and-coming young players, this new rule might give some of them the chance to gain some first-team experience."
A Derby spokesman told the Evening Telegraph when commenting on the increasing of substitutes from five to seven.
Get active! Have your say on this articles content below!
Date:Sunday June 14 2009
Vital Derby On Facebook (Friday March 27 2015)
McDonald Loaned To Cheltenham (Thursday March 26 2015)
Mascarell Out For The Season (Thursday March 26 2015)
Vital Derby Needs You (Thursday March 26 2015)
Hendrick To Miss Ireland Match (Wednesday March 25 2015)
Rams Linked To Arsenal Striker (Wednesday March 25 2015)
Ward Relishing Scotland Clash (Tuesday March 24 2015)
Defender Sidelined (Tuesday March 24 2015)
Hendrick Wins Irish Award (Tuesday March 24 2015)
Wolves Gifted The Points (Monday March 23 2015)
|5. Derby County||39||19||10||10||26||67|
|Owls Strikers to Return After International Break
» Sheff Wed : 27/03/2015 15:10:00
|Let Us Know Your Thoughts and Ideas
» Sheff Wed : 27/03/2015 14:38:00
|Defender gets extended contract
» Reading : 27/03/2015 13:31:00
|Forest Sign A Lion Hunter?
» Forest : 27/03/2015 11:24:01
|McLaughlin: The Only Way Is Essex
» Forest : 27/03/2015 10:27:01