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English Premier League tightens ownership rules – SportsUntapped.com
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Added August 3rd, 2010 by Ian

English Premier League tightens ownership rules
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The English Premier League announced some new rules on Aug. 3 when it comes to club ownership and change of ownership due to the financial mess Portsmouth have gotten themselves into over the past year.

The rules state that prospective club owners have to give the league at least 10 days’ notice of a change in ownership as well as prove they have the finances to keep the team afloat.

The timing of the rules mean that a speculated ownership change in Liverpool will fall under them and it’s believed that Chinese billionaire Kenny Huang has already contacted the League to let them know an ownership change could be coming soon.

The rules also state that any prospective owners of clubs will have to meet with the league in a face-to-face discussion to prove they have the money for the upcoming season. Other changes to the rules state that all clubs will have to prove their tax payments are up to date every quarter. The clubs will also give the government permission to inform the league on any missed payments.

The former rule known as the ‘fit and proper persons test’ has been changed to the ‘owners and directors test’ and is now a bit tougher. It says that any person who has been banned from any other sporting competitions and/or organizations isn’t allowed to be director of a club.

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Richard Scudamore, the Premier League chief executive, said the rules should help warn the league earlier about any financial problems with clubs so they don’t end up with a another situation like Portsmouth.

He added that Portsmouth were mismanaged and feels the league might have intervened in their finances back in January 2009 instead of September if the rules were in force then. This would have stopped the team from running up a huge debt with the taxman.

Scudamore added that the rules concerning the finances of new owners would have stopped Ali Al Faraj from taking the Portsmouth club over last October.

 
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