Premier League clubs face drastic transfer rule change
FT Desk
- 31 Aug 2022 02:35 CDT
- 3 min read
Chelsea, Manchester United and even Nottingham Forest are among the biggest transfer spenders in the world this summer, but their crazy budgets are set to be reined in.
That's because of a Premier League rule change which will seek to follow a new UEFA financial regulation which restricts clubs to spending no more than 70 per cent of their yearly revenue on transfers, wages and agent fees.
There could be some leeway, however, with transfer fees received boosting budgets and English officials allowing for a higher percentage to be spent anyway.
Premier League clubs are set to face restrictions on spending on transfers and wages for the first time with England’s top flight looking to follow Uefa’s new financial rules https://t.co/LSHjXMHEVT
— Times Sport (@TimesSport) August 30, 2022
"It makes sense to have the same system operating in England as well as in Europe - but with a different percentage," said a Premier League executive as quoted by the Times.
The new Premier League rule could be part of an agreement to see more money trickle down to the Championship, League One and League Two - although those clubs are also expected to abide by similar rules.
The new UEFA rule - which will see fines and point deductions when its restrictions are beached - will be introduced in 2023, but the English equivalent is yet to be agreed upon by participating clubs.
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Which clubs have spent the most money this summer?
Chelsea lead the way among all clubs in Europe following a busy summer of transfer activity under new owner and Sporting Director, Todd Boehly.
Raheem Sterling, Kalidou Koulibaly and Marc Cucurella have been signed for big money, with Wesley Fofana's arrival from Leicester set to take their total spend to nearly €300 million.
Barcelona have spent the next most - currently €153m which could have another €100m added if Bernardo Silva arrives from Manchester City - but eight of the top 10 spenders are English.
Only Barcelona and Bayern Munich penetrate the list, with Premier League new boys Nottingham Forest the surprise club completing this financial podium.
