From the FL's website:
CLUBS APPROVE RULE CHANGES
Posted on: 04.08.2010
At an Extraordinary General Meeting at Derby County's Pride Park
Stadium, Football League clubs have approved a number of regulatory changes.
The new and amended regulations cover changes to financial reporting
procedures; ground criteria; the Owners' and Directors' Test; the public
disclosure of club ownership; third party interests in players; and
players' contracts.
Commenting on the new regulations, Football League Chairman Greg Clarke
said: "I am pleased that our clubs have today supported new and revised
regulations that further strengthen the professionalism and good
governance of The Football League.
"The season ahead is an important one for The League and its clubs as we
seek to continue our recent growth.
"Centrally, we will be doing everything possible to support our clubs
through a difficult economic environment and to encourage more and more
fans to enjoy the fantastic product offered on the pitch by all 72
Football League clubs."
At today's EGM, clubs voted to introduce the following regulatory
changes that stem from The League's Solidarity agreement with the
Premier League:
1. Further enhancements to the Owner's and Director's Tests which will
include:
- Creating an Annual Reporting process for all club directors
- Prior disclosure of new directors and a prohibition on persons taking
up the role until clearance is received from The Football League.
- Introducing a restriction on anyone owning an interest in a club where
they are prevented from entering the UK or are unable to have funds
available in the UK for their own benefit.
2. Additional financial reporting requirements for Championship clubs
including:
- The provision of 'future financial information' relating to the
subsequent season.
- Clubs to demonstrate they have no overdue transfer fees, compensation
fees, key employee wages or PAYE/NIC.
- Clubs in default or clubs with business plans that cast doubt on their
ability to fulfil fixtures or pay football creditors will be required to
submit to budget constraints including possibility of transfer embargo.
- The change of ownership of more than 30% of club will trigger fresh
reporting requirements.
3. The requirement to publish the identity of any individuals owning 10%
or more in any club.
4. The absolute prohibition of 'third party interests' in players.
5. A new standard player contract in line with that in use in the
Premier League.
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