England’s Premier League introduces new financial rules

“England’s Premier League has introduced new ownership and financial regulations for the upcoming season in an attempt to avoid a repeat of Portsmouth’s downfall last season. Under a series of owners, Portsmouth ran up debts of more than $159 million to creditors, including the British government’s revenue and customs authority. The league said Tuesday that it now requires prospective new owners to prove they have sufficient funds to sustain a club for another year and can now contact the government directly to check that clubs are up to date with taxes.” (SI)

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