Manchester United say they will meet new Uefa spending criteria
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Manchester United insist they will pass Uefa's new "financial fair play" test, which is set to become part of European football's rules today.
Under the regulations, clubs in European competition will only be allowed to spend what they earn – although some leeway will be given for the first six years of the scheme. Clubs will also still be permitted to have large debts, but only if they can service the interest payments as part of their overall spending.
United claim they would pass the test, despite payments of £45m annually to service interest on the owners' £507m bond scheme. A club spokesman said: "We support the financial fair play measures. We are confident that we pass them and that we will continue to do so."
The new scheme will come into effect in 2012, although some early flexibility is afforded. Initially, clubs must not return losses of more than €45m (£38m) for the 2012-15 period. After 2015, clubs are given a leeway of €30m (£26m) for three-year losses after which it will be reduced further.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments