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Sep 13, 2012

European leagues to hold financial summit

The European leagues plan to decide their own policies on financial controls, third party ownership and how best to address the impact of UEFA's new Financial Fair Play rules.

Representatives from leagues throughout the continent will discuss the issues at a European Professional Football Leagues (EPFL) seminar in Edinburgh next month.

In a statement, the EPFL said: "During the last couple of decades, professional football has grown exponentially in terms of global appeal, attractiveness and income, driven by the unconditional passion of millions of fans and the influx of money from TV broadcasters, sponsors and other investors.

"Despite the income rising every year, expenses have also escalated, especially on players' wages, transfers fees and payments to agents, leaving many clubs under considerable financial distress."

It said this situation was "aggravated by the impact of this severe and unprecedented crisis which affects the European and global economy" and had resulted in a need to promote "implementation of the highest financial standards and supervision mechanisms to ensure clubs' financial sustainability".

The organisation said it was setting up a series of seminars on good financial governance, with the first of them taking place in the Scottish capital.

It said the event would focus on issues including club financial control systems, financial transparency, third party ownership and FFP.

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