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
Smith Disappointed To Lose O'Donnell (Saturday May 23 2015)
Smith Looking For High Calibre Keeper (Saturday May 23 2015)
Brentford Reject MK Dons Grigg Bid (Friday May 22 2015)
Benning Signs For Mansfield (Friday May 22 2015)
Kinsella 'Over The Moon' With New Deal (Friday May 22 2015)
Smith Hails Exceptional Talent (Friday May 22 2015)
Kinsella Signs Two Year Deal (Friday May 22 2015)
Richard O'Donnell Signs For Wigan (Friday May 22 2015)
Bury Join Walsall In Hunt For Plymouth Striker (Friday May 22 2015)
Fans Ask For Answers (Thursday May 21 2015)
|Smith Disappointed To Lose O'Donnell
» Walsall : 23/05/2015 11:14:01
|Smith Looking For High Calibre Keeper
» Walsall : 23/05/2015 11:10:00
|DRFC Rovers miss out on summer target
» Doncaster : 23/05/2015 08:24:00
|DRFC Rovers look set for seaside trip in pre-season
» Doncaster : 23/05/2015 08:11:01
|Brentford Reject MK Dons Grigg Bid
» Walsall : 22/05/2015 19:28:01