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Premier League Clubs today agreed in principle to a system of enhanced financial regulations, which are designed to further improve the sustainability of clubs.
The Premier League Financial Regulation includes a sustainability clause that will require clubs to work towards break-even, while allowing a degree of owner investment going in as equity. A short-term cost control protocol was also agreed, which would limit the amount clubs could raise their player costs by above an agreed floor from centrally distributed revenue.
From the 2013/14 season Premier League clubs cannot make a loss in excess of £105m aggregated across seasons 2013/14, 2014/15 and 2015/16.
If the rules are broken the Premier League will not be afraid to offer up a points deduction as punishment.
Richard Scudamore, Premier League Chief Executive, said: "As all things in our rulebook you will subject to a disciplinary commission.
"The clubs understand that if people break the £105m we will look for the top-end ultimate sanction range - a points deduction.
"Normally we stay silent on sanctions as the commission has a free range but clearly if there is a material breach of that rule we will be asking the commission to consider top-end sanctions."
Scudamore said that the measures would mean it will take longer for benefactor owners to achieve success, but that it would still be possible.
He said: "The balance we have tried to strike is that a new owner can still invest a decent amount of money to improve their club but they are not going to be throwing hundreds and hundreds of millions in a very short period of time.
"While it has worked for a couple of clubs in the last 10 years, and I am not critical of that, if that's going to be done in the future it's going to have to be over a slightly longer term without the huge losses being made.
"I think at £105m you can still build a very decent club with substantial owner funding but you have to do it over time, you can't do it in a season."
Volvo Ocean Race have announced the French city of Lorient will return as the penultimate stopover in the Volvo Ocean Race for the 12th edition in 2014-15.
The route will take in 10 cities in nine countries – Spain, Brazil, United Arab Emirates, China, New Zealand, United States, Portugal, France and Sweden – and will require the teams to cover 39,895 nautical miles – equivalent to 45,910 miles or 73,886 kilometers.
The Race will start on October 4, 2014, day of the first In-Port Race in Alicante, and finish with a final In-Port Race on June 27, 2015 in Gothenburg, the Swedish home of Volvo.
“This route has never really been part of any ocean race any time before,” said Volvo Ocean Race CEO Knut Frostad. “And when you have that element there’s a new strategy, there’s a new route, there’s new weather, there’s new challenges for the sailors. That is exciting, not only for us but for the sailors because no-one can claim they’ve done this before.”
Lorient, the Breton city on the west coast of France, hosted the Race for the first time in 2011-12 and provided an incredible spectacle for fans.
"Lorient is France's sailing capital and the response we had during the last Race was phenomenal," said Race CEO Frostad. "It will be a real pleasure to come back to this stunning part of the world, where the people are so knowledgeable about the sport and the whole set-up suits the Race so perfectly. Lorient will be a real highlight on the route."
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