Friday 9 June 2017

Clubs In The Premier League Vote To Change EPL Owners And Directors

Sky News has learnt that the 20 club chairmen voted unanimously to approve changes to the Premier League's Owners and Directors Test at its annual shareholder meeting on Thursday. This is an effort as to block potentially unscrupulous investors in the wake of controversies surrounding takeovers at Hull City and Southampton.
The move will have the effect of enhancing the league's ability to block new owners in a bid to preserve the integrity of the competition, which is watched by billions of people globally every season. A source said that the chairmen had voted to give the Premier League the power to impose such conditions as it sees fit in order to ensure compliance with PL Rules on finance, Owners and Directors Test, disclosure of ownership issues and associations and influence. New disqualifying events in relation to the ownership test would include a failure to provide all relevant information, or the provision of false, misleading or inaccurate information about a prospective new owner's finances, according to the source.

For the first time, the Premier League's rules will also allow it to block a new owner where they have engaged in conduct outside the UK that would constitute an offence… if such conduct had taken place in the UK, whether or not such conduct resulted in a conviction. The changes to the Owners and Directors Test follow growing unease - both in football and in Westminster - about the influx of club owners who have often sought to keep details of their financial affairs beyond the scrutiny of the Premier League.

There have also been growing objections to the number of clubs being bought by Chinese backers amid suggestions that there is a degree of opacity surrounding the ultimate ownership of some of those investors. Controversy erupted over an attempt by Dai Yongge and Hawken Xiu Li, his sister, to buy Hull City after a third party involved in the transaction insisted that he controlled the relevant funds necessary to undertake the deal.

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