Spanish Football League Agree New Financial Regulations
July 14, 2011
The Professional Football League (LFP) in Spain has approved new regulations designed to curb excessive spending by clubs in the country’s top two divisions, denture after a season where many clubs faced financial difficulties.
Club officials have backed the proposals, thumb which are in line with the new UEFA Financial Fair Play rules that are being introduced gradually over the next three years.
Under the terms of the deal announced by the LFP, ed a committee of independent professionals will be established to analyse accounts and recommend possible sanctions for clubs that fail to abide by the rules.
LFP president Jose Luis Astiazaran said: “We are not immune from the wider economy. The current situation means we the clubs must regulate ourselves.”
Astiazaran added: “This is a journey that starts now and ends in three years, with the aim of striking a balance between revenue and spending, regulated with the creation of a control department. The wish is to encourage more financial discipline and rationality and we will try to encourage clubs to operate taking their own capacity into account.”
Racing Santander became the latest club to seek protection from creditors last week, joining fellow La Liga clubs Real Mallorca and Real Zaragoza as well as all three teams promoted to the first division at the end of last season – Real Betis, Rayo Vallecano and Granada – in administration.