FILE PHOTO: Soccer Football - Premier League - Ipswich Town v Leicester City - Portman Road, Ipswich, Britain - November 2, 2024 General view of the match ball Action Images via Reuters/John Sibley/ File Photo
LONDON, England (Reuters) - The Premier League's profit and sustainability rules (PSR) will remain in place for at least one more season, the league's clubs agreed on Thursday, delaying the introduction of a new set of financial regulations.
The clubs met in London on Thursday with the implementation of the new Squad Cost Rules (SCR) one of the topics on the table.
While no vote was held, clubs decided to continue discussions around the new regulations after agreeing that they would not be ready in time for next season, a league spokesperson confirmed.
That means that the profit and sustainability rules -- introduced in 2015-16 to prevent clubs from overspending -- would remain in place.
PSR permit clubs to lose no more than 105 million pounds ($131 million) in a three-year cycle.
SCR's proposed rules would limit clubs' spending on player wages, transfers, and agents' fees to 85% of their revenue, which is similar to UEFA's financial sustainability rules that are set at 70%.
SCR would also feature "anchoring", which would limit how much clubs could spend on player wages and transfers to five times the revenue that the league's bottom club receives in broadcast and prize money.
SCR has been running as a shadow financial regulation framework this season.
Manchester City, Newcastle United and Aston Villa are among the clubs that have criticised PSR as limiting their ability to spend during transfer windows.
City are facing charges of breaching 115 financial rules between a period starting from 2009 and continuing into the 2022-23 season. City have denied wrongdoing.
A 12-week hearing was conducted by an independent commission and concluded on Dec. 6, with a verdict expected next month.
($1 = 0.7983 pounds)
(Reporting by Lori Ewing; Editing by Toby Davis)
