“Not right” – enraged Nottingham Forest opponent Evangelos Marinakis receives FFP backing

“Not right” – enraged Nottingham Forest opponent Evangelos Marinakis receives FFP backing

 

 

The Premier League Profitability & Sustainability Rules, according to Crystal Palace’s principal stakeholder John Textor, are intended to keep aspirational teams from taking on the best teams in the competition.

 

The American feels it is unfair that affluent investors cannot spend heavily in their teams to help them stabilize after promotion and eventually challenge teams like Manchester United, Chelsea, Liverpool, and City.

 

Everton has already lost six points this season (down from ten following an appeal); they could lose more if their second complaint is heard later in the year. Nottingham Forest might lose points and could potentially be the target of a PSR complaint.

 

The owner of Lyon as well as teams in Brazil, Belgium, and the US, Textor stated: “It’s obvious that (the regulations are) designed to ensure that clubs which do not generate sizable incomes cannot catch up.” You are not permitted to spend money, even if you have a wheelbarrow full of $1 billion in cash.

 

Is that even remotely logical? Evangelos Marinakis, the owner of Forest, has more than enough money to support his club, but he is not permitted to. Someone comes along and docks him points if he spends too much and gives in to what the supporters want? That is incorrect.

 

Clubs are not allowed to lose more than £105 million in three seasons under the existing PSRs. Forest can absorb even less losses because they are relegated from the Championship, where their maximum losses are £39 million over three years. At the moment, Palace is four spots and four points ahead of Forest.

 

Attending the Financial Times Business of Football Summit, Textor went on, “To say it’s about sustainability is a fraud of a term, financial fair play is.” The quality of your balance sheet, not ratios against your profit and loss, should be the focus of sustainability. Nobody genuinely believes that to be logical.

 

“Our ownership group at Palace includes three billionaires, and there may be more. Spending at the caliber of the top six teams is not permitted for us. Josh Harris, the general partner and shareholder of Palace, is a wealthy man who recently purchased the Washington Commanders, an NFL team. He also owns the Philadelphia 76ers, an NBA team.

 

“However, Steve Parish, the chairman of Palace, is not permitted to go out and spend that kind of money; he will lose points and be demoted to the second division.”

 

Last month, Richard Masters, the chief executive of the Premier League, gave MPs an update on the Culture, Media, and Sport committee, indicating that changes to the protocols might be made. We are considering making some modifications to the PSR system in the future. We have sent out some recommendations regarding moving and closer to the UEFA system for our clubs to consider.