Date:Friday June 12 2009
At thier Annual General Meeting, Football League clubs have voted to introduce new financial regulations relating to tax payments.
Once necessary practical arrangements have been made, any club that falls behind with its employee related payments to HMRC will be subject to a transfer embargo until such time as the debt is cleared.
Football League 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 said: "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 from Derby County to increase the number of substitutes for Coca-Cola Football League matches to seven (from the current five), of which three may enter the field of play.
Have your say on The Forum
Follow us on Twitter
Become our friend on Facebook - Add Vital Queens Park Rangers
Date:Friday June 12 2009
McCarthy Secures Palace Switch (Friday July 24 2015)
QPR 2-1 Dundee United (Wednesday July 22 2015)
QPR Sign Tjaronn Chery (Monday July 20 2015)
Onuoha Skippers QPR (Monday July 13 2015)
Verona Stars 0-10 QPR - Report (Saturday July 11 2015)
Donaldson Released (Friday July 10 2015)
Two Trialists on Tour (Thursday July 9 2015)
The Supporters Summit - QPR (Friday July 3 2015)
QPR 'Reject £12m Bid' (Friday July 3 2015)
Defender Pens New Deal (Friday July 3 2015)
|4.||The Uncredibale Hulk||12|
|18. MK Dons||0||0||0||0||0||0|
|23. Sheff Wed||0||0||0||0||0||0|
|Sask's Thoughts On Cotterill
» Birmingham : 29/07/2015 16:00:00
|Midfielder unconcerned over shortage
» Middlesbrough : 29/07/2015 15:41:01
|Newcomer can't wait to start
» Middlesbrough : 29/07/2015 15:24:01
|Ino For Owls At Scunthorpe Friendly Tonight
» Sheff Wed : 29/07/2015 14:45:00
|Facebook Group Launched for Wednesday Fans in the USA
» Sheff Wed : 29/07/2015 14:05:01