London, Nov 22 (IANS) Premier League clubs have voted to approve the changes to the league’s associated party transactions (APT) at a meeting held in Central London, where representatives of all 20 teams were present, on Friday.
The proposed changes came into play after an independent tribunal found some aspects of the APT rules to be unlawful following Manchester City’s lawsuit.
“At a Premier League Shareholders’ meeting today, clubs approved changes to the League’s Associated Party Transaction (APT) rules. The amendments to the rules address the findings of an Arbitration Tribunal following a legal challenge by Manchester City to the APT system earlier this year.
“The Premier League has conducted a detailed consultation with clubs – informed by multiple opinions from expert, independent Leading Counsel – to draft rule changes that address amendments required to the system,” read the statement released by the Premier League.
Manchester City, Aston Villa, Newcastle United and Nottingham Forest were the only clubs to vote against the proposed changes as reported by The Athletic. According to the report, the PL were desperate to bring in the new amendments as soon as possible as it could have resulted in damages from other clubs trying to secure associated party deals during this time.
“This relates to integrating the assessment of Shareholder loans, the removal of some of the amendments made to APT rules earlier this year and changes to the process by which relevant information from the League’s ‘databank’ is shared with a club’s advisors.
“The purpose of the APT rules is to ensure clubs are not able to benefit from commercial deals or reductions in costs that are not at Fair Market Value (FMV) by virtue of relationships with Associated Parties. These rules were introduced to provide a robust mechanism to safeguard the financial stability, integrity and competitive balance of the League,” the statement added.
–IANS
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