Bolton Wanderers chairman Phil Gartside says Financial Fair Play rules can hurt ex-Premier League clubs
PHIL Gartside believes incoming Financial Fair Play rules will benefit football – but that they are stacked against clubs who have recently dropped out of the Premier League.
Wanderers yesterday announced an adjusted loss of £34.5million for the last financial year, taking their overall debt to £163.8million and raising concern among some supporters the club could struggled to meet FFP restrictions put in place on Football League clubs this season.
The rules state clubs could be placed under transfer embargo or face heavy fines should they make losses of more than £8m in 2013/14.
It will not be until next season’s financial report that we see whether Wanderers will fall foul of the regulations, designed to stop clubs spending beyond their means.
But writing in his annual report, the Wanderers chairman detailed his worry that FFP impacts harder upon clubs who, like Wanderers, have an infrastructure based on more than a decade in the top flight.
“The new Financial Fair Play (FFP) rules are a huge challenge to many clubs, including Bolton Wanderers,” he wrote.
“As revenue from the Premier League continues to increase, the gap between Premier League ‘regulars’ continues to widen.
“We, and other clubs who were recently in the Premier League, face real short-term difficulties in maintaining performance on the pitch whilst having to very quickly adjust to a massive overnight drop in income – notwithstanding parachute payments.
“I believe FFP is a positive step for the longer term stability of the game but the transition arrangements for us and others are insufficient; unfailing hard work, resilience and vigilance throughout the 2013/14 period will again be required.