As Leeds United’s battle to automatically rejoin the Premier League enters its final week, the majority of current top tier clubs have reportedly voted in favour of proposals for a spending cap.
According to The Times, top flight clubs have agreed in principle to the spending cap on player wages, amortised transfer sums and agent fees, which would be anchored to a multiple of broadcast and centralised commercial earnings dished out to the league’s bottom side. The Times suggests that Manchester City, Manchester United and Aston Villa voted against the proposal, while Chelsea abstained. A total of 14 votes in favour was needed to take the issue on to the AGM.
Football finance expert Kieran Maguire suggests that a multiple of five would mean only Chelsea, of last season’s Premier League clubs, would have to cut spending. Leeds would have had wiggle room of £292m according to Maguire’s calculations. Leeds’ recently published accounts for the 2022/23 period revealed a pre-tax loss of £34m, with an £11m rise in revenue and £73m in profit from player sales.
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