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
McClaren - Buxton Deserves Award (Sunday April 20 2014)
Rams Secure Play-offs (Saturday April 19 2014)
Stats: Doncaster Rovers v Derby County (Saturday April 19 2014)
Derby Beat Huddersfield At A Canter (Sunday April 13 2014)
Stats: Derby County v Huddersfield Town (Sunday April 13 2014)
Derby Back To Winning Ways On The Road (Wednesday April 9 2014)
Stats: Blackpool v Derby County (Wednesday April 9 2014)
Chalobah Strike Beats Below Par Rams (Monday April 7 2014)
Stats: Middlesbrough v Derby County (Monday April 7 2014)
Rams Finances Show Debt Reduction (Thursday April 3 2014)
|1. Leicester City||43||28||9||6||+36||93|
|3. Derby County||43||23||9||11||+29||78|
|Preview: Owls v Charlton
» Sheff Wed : 20/04/2014 23:58:00
|One to Watch - Daniel Tözsér
» Q.P.R. : 20/04/2014 20:32:00
|LUFC Leeds Loan Watch - April 13th - 19th
» Leeds Utd : 20/04/2014 19:55:00
|Vela Stays With Magpies As Foxes Dismiss Davies
» Bolton : 20/04/2014 19:18:00
|LUFC Team News: Defender a doubt for McDermott
» Leeds Utd : 20/04/2014 19:12:00
|Brighton v Blackpool (Preview)
» Brighton : 20/04/2014 18:05:00
|DRFC Millwall v Doncaster Team News
» Doncaster : 20/04/2014 18:00:00