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 - Will He Won't He? (Saturday May 23 2015)
Russell On Promotion Disappointment (Saturday May 23 2015)
Alfreton Friendly Added (Thursday May 21 2015)
Managerial Rumours Continue (Wednesday May 20 2015)
Hughes Named In England Under-21 Squad (Wednesday May 20 2015)
Benfica Friendly Announced + Others (Tuesday May 19 2015)
Goalkeeping Changes? (Tuesday May 19 2015)
Forsyth And Russell Earn Scotland Call (Monday May 18 2015)
McClaren: Rams Need To Be Ready (Monday May 18 2015)
O'Brien Backs Derby (Sunday May 17 2015)
|8. Derby County||46||21||14||11||29||77|
|Fulham Target Centre-Back!
» Fulham : 24/05/2015 11:27:00
|Rowett Revolution: Rotherham Victory
» Birmingham : 24/05/2015 10:24:00
|Most Watched: Zigic Wonder Strike
» Birmingham : 24/05/2015 10:19:00
|LUFC Leeds United Transfer Rumours - Week Three
» Leeds Utd : 24/05/2015 09:06:01
|LUFC Beckford being linked with Leeds return
» Leeds Utd : 24/05/2015 08:15:01