Premier League clubs agree new spending cap - reports / Photo: © AFP/File
-
Most equities rise after oil price plunge, US data in focus
-
Tom Kim defies jet-lag, Kho cards ace as Asian Games golf begins
-
Polar oceans transformed as warming melts ice habitats: research
-
Thai teen rocker Nene aims to tour, write music... and return to school
-
Lost shark becomes viral star in South Korea
-
Ivory Coast clamps down on harmful illegal gold rush
-
Dangote to launch $16bn refinery in Kenya
-
Nagoya mayor says sorry for Asian Games 'inconveniences'
-
North Korean leader 'extremely obese': Seoul spy agency
-
G20 trade officials meet under shadow of tariffs, overcapacity
-
Yankees and pope-backed White Sox start MLB playoffs with wins
-
India's fat dog vote goes viral
-
Malaysia's ex-PM Mahathir in hospital for observation
-
Asian Games crowds in spotlight as 998 see hosts in 50,000 stadium
-
'No limits': Marathon world record holder Sawe chasing history
-
The eight stadiums for the 2027 Rugby World Cup
-
Countdown begins to biggest-ever Rugby World Cup
-
Thieves swipe drugs under nose of Fiji police, swap with flour
-
Bangladesh women lose ground after quota reform
-
South Korea demands North apologise for DMZ mine blasts
-
Vietnam admits 'differing opinions' on Hanoi development
-
In Nepal's flood zone, teachers mourn students who never returned
-
Stocks temper gains as oil pares heavy losses, US data in focus
-
US Supreme Court lifts limits on third-country deportations
-
New Zealand denies breaching climate commitments to EU
-
Antonelli eager to 're-establish order' as F1 returns to Malaysia
-
Albert becomes youngest US scorer in 4-2 win over Chile
-
Paw-fect candidate: Australia finds new koala rescue dog
-
Pirate island's plunging population shows Greece's demographic decline
-
One third of world population exposed to harmful air pollution: monitor
-
With elections ahead, Latvia's Russian-speakers reject Moscow's help
-
North Korea denies South's claim it was apparently behind DMZ mine blasts
-
Brazil football clubs face massive sponsorship blow from betting ban
-
West Bank's violent settlers part of a new generation fuelled by ideology
-
ChatGPT maker wants to be the App Store for AI as safety concerns grow
-
US-led coalition ends mission in Iraq
-
Women fight fires and sexism in Indonesian Borneo
-
Pope-backed White Sox join Braves with MLB playoff wins
-
Forsling's OT blast lifts Florida over Carolina in NHL opener
-
NBA close to picking new $12-13bn Vegas team owners: report
-
Hurricane Polo sweeps over Mexico's Pacific coast, heads inland
-
LA28 Olympics torch relay to visit all 50 states
-
Grynspan pulls ahead in race to lead UN: diplomat
-
Spain brush aside Croatia in Nations League, England down Czechs
-
Trump touts AI boss pledge to self-regulate
-
Trump hails 'morally binding' AI self-regulation pledge
-
Oil down, but stocks lower as bond yields rise
-
Yamal inspires Spain to Croatia romp on World Cup homecoming
-
England break down stubborn Czechs to claim first Nations League win
-
UN to hold fourth informal poll of secretary-general candidates
Premier League clubs agree new spending cap - reports
Premier League clubs have reportedly agreed in principle to introduce a spending cap to limit the gap in financial muscle between sides at the top and bottom of the English top flight.
Clubs will be limited to spending a multiple of the amount of money accrued in television rights by the lowest-earning club in the Premier League.
The Athletic reported "the anchoring" plan will be capped at five times the lowest earning side receives via the Premier League's broadcast deals.
Official figures for last season show the bottom club, Southampton, were paid £104 million ($130 million) in TV money.
The Times said that clubs are expected to be assured that any cap would not cause any of them to reduce spending from their present level.
The plan received at least the 14 votes necessary from the 20 clubs to be approved.
But defending champions Manchester City, Manchester United and Aston Villa are among those to have reportedly rejected the proposal, with Chelsea said to have abstained.
If approved at an annual general meeting in June, the new model will replace the controversial Profit and Sustainability Regulations (PSR) from the 2025-26 season.
Everton and Nottingham Forest have been docked points this season due to breaches of PSR, which allows clubs to lose only £105 million over a three-year period.
A number of other clubs are close to crossing that limit, which led to a massive downturn in spending during the January transfer window.
Critics of a cap on spending believe it could hinder the Premier League's position as the richest and most watched league in the world.
Players' union the Professional Footballers' Association have also opposed "any measure that would place a 'hard' cap on player wages".
However, those in favour of the plans cite increasing Champions League revenue for the top teams and the spending power of state-backed clubs such as City and Newcastle as justification for limiting spending to maintain competitive balance.
Premier League clubs have already agreed to follow UEFA's new financial fair play regulations from 2025/26 by limiting spending to 85 percent of their total revenue on wages, transfer payments and agents' fees.
I.Meyer--BTB
