Source: TheGuardian
Bury's demise shows Football League must tighten FFP rules, review says
EFL’s review details club’s player wages were 140% of turnoverSituation shows ‘review of the financial ecosystem’ is neededThe EFL’s review into the expulsion of Bury last August has recommended that the league strengthen its financial fair play rules, blaming the club’s collapse on the current system that allows owners to fund players’ wages.The review, conducted from the EFL’s own Bury files by Jonathan Taylor QC, details the dramatic increase in spending on wages after the Lancashire property developer Stewart Day took over the club in 2013. Just four years later, wages had increased threefold to £4.5m, while the club’s revenues grew by less than 50% to £3.2m, so Bury were spending 140% of their entire turnover on wages alone. Related: Review into Bury's demise offers painful reminder of the need for FFP Clubs expressed significant frustration that Bury had achieved success while failing to meet its financial obligations Continue reading......read full article
