Premier League introduces new financial rules

England’s Premier League has introduced new ownership and financial regulations in an attempt to avoid a repeat of Portsmouth’s implosion last season.

Under a series of owners, Portsmouth ran up debts of more than £100-million to creditors, including the British government’s revenue and customs authority.

The league will require prospective new owners to prove they have funds to sustain the club for another year and can now contact the government directly to check that clubs are up to date with taxes.

Premier League chief executive Richard Scudamore says the new rules came into effect on June 3 and that “had we had the rules in place in the transfer window in January 2009, we could have intervened” at Portsmouth.—Sapa-AP