Date:Sunday June 14 2009
Football League clubs have voted to introduce new financial regulations relating to tax payments next season.
The changes came after the FL met for their annual general meeting this week to agree upon proposals that had been put into motion.
New tax and financial rules have been put into place, which state that any club which falls behind with its employee related payments to HMRC will be subject to a transfer embargo until such time as the debt is cleared.
FL 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 added: "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. put forward by Derby County, to increase the number of subs for league matches in the FL to seven (from the current five), of which three may enter the field of play.
Date:Sunday June 14 2009
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