PREMIER LEAGUE clubs have voted to limit the period over which transfer fees can be paid to just five years.
The decision was made following a vote at a virtual shareholders’ meeting on Tuesday.
Todd Boehly’s Chelsea had taken advantage of amortisation rules to sign more than £1BILLION worth of players and spread the cost over a longer period to help balance the books.
So a player signed for £60m on a six-year contract would cost a team £10m per year in their accounts.
Enzo Fernandez penned a staggering eight-and-a-half-year deal, while Mykhailo Mudryk and Moises Caicedo both signed eight-year contracts.
The new rule brings the Premier League in line with Uefa, who set a five-year limit on amortisation in June.
READ MORE ON CHELSEA
It was voted in by 15 Premier League clubs INCLUDING Chelsea, kicks in tomorrow and does not affect existing deals.
And teams ARE still allowed to give players contracts lasting longer than five years.
A statement read: “Premier League Shareholders today agreed to amend the rule on amortisation of player registration costs to bring in line with UEFA’s regulations.
“Going forward, a five-year maximum will apply to all new or extended player contracts.
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“Clubs also approved a rule amendment to enable the Premier League Board, in circumstances where a Club owes a transfer debt to another Premier League or EFL Club, to stop the Club registering more players until the outstanding payment has been made.
“The Board can also have the option to deduct the amount from the Club’s entitlement to the League’s central funds.”
Boehly’s decision to vote for the rule change sparked a frenzy with fans.
One said: “Why is Chelsea in favour of that.”
Another added: “Exploited the system then stopped the other teams from copying.”
One joked: “Take advantage of the loophole and then vote against it. Todd Boehly Masterclass.”
Another said: “Boehly really be playing 8D chess. Took advantage of the long ass contracts and then chose to vote against so nobody can follow suit”
Source: Soccer - thesun.co.uk
