Premier League approves plan to rein in wasteful spending

Sky-high television revenues and the arrival of big business brought the Premier League into the limelight while the rest of European football collapsed financially. But before it can explode, English football has agreed to put limits on its spending.
The Premier League brought the clubs together in a meeting on Monday to assess the situation. Although there was no optimism, it finally confirmed that they had "agreed to prioritise the rapid development and implementation of a new league-wide financial system". That is, a financial control plan to ensure that all entities comply with UEFA's Financial Fair Play and ensure their sustainability over time.
This proposal was a response to the British government's plans to create an independent body to regulate English football, which will tighten financial rules and requirements for buying a club.
In this way, the English top-flight is trying to get up to speed in order to comply as soon as possible and avoid more cases like Everton, who have been sanctioned with six points (initially ten) for financial irregularities. Currently the limit is 105 million euros in losses over three consecutive seasons.
There is scepticism surrounding these measures because some believe they could affect the competitiveness of the tournament. Last summer, the British spent 2.737 billion euros on transfers. Between them, the other four big European leagues spent 2.925 billion euros.
In its statement, the English league says this "will provide certainty for clubs in relation to their future financial plans and ensure that the Premier League is able to maintain its current world-leading investment at all levels of the game".
Among the measures that are known to be in place will be the scrutiny of sponsorship deals, something that goes straight after directives such as Manchester City's to prevent brand partners from helping to distort revenue. The Sky Blues have been accused by the Premier League, which after four years of investigation found indications that the Emirati ownership could have repeatedly breached Financial Fair Play by using the same system.
In addition to this measure on sponsorship, fans will also be allowed to put a stop to structural measures on their clubs, such as changing the crest and colours. On the strictly financial side, it is intended to put a five-year limit on the amortisation of transfers (as in La Liga) and even limit the registration of players in the event of outstanding debts.
What did not go ahead was the control on the loan of players between clubs of the same holding company, from which the Citizens would also have come out of it quietly, just like Chelsea and Wolves.
Finally, in the text issued on Monday, the Premier League also speaks of a measure that has been controversial among the entities, but which has finally gone ahead. It is the support plan for the lower categories, which aims to share profits between the EFL and Women's League clubs to help their sustainability.
The clubs are expected to contribute £1.6 billion between them every three years. This is to be confirmed once the new rules are drawn up and approved for implementation.