Cortese hits out at Premier League

Southampton's executive chairman Nicola Cortese has criticised the Premier League's decision to impose wage and spending controls.

Last Updated: 08/03/13 at 10:21 Post Comment

Latest Articles

Mario Balotelli will remain at Liverpool, says Mino Raiola

3 comments

Mario Balotelli's agent Mino Raiola has revealed that the striker will not be leaving Anfield this summer.

Graham Dorrans signs for Norwich City from West Brom

Post comment

Graham Dorrans has signed a two-year deal with Norwich City following a successful loan spell with the club.

All Articles

Nicola Cortese: Against wage and spendin

Nicola Cortese: Against wage and spendin

Southampton's executive chairman Nicola Cortese has criticised the Premier League's decision to impose wage and spending controls on member clubs.

Saints have reported a £0.9million profit for the last six months of 2012, helped by the increased income of being promoted to the top flight.

That result, and a wage bill that is 59 per cent of turnover, would see Southampton comfortably comply with the new financial regulations, but Italian banker Cortese insists owners should be allowed to run their clubs as they wish.

He said: "Our results also demonstrate we are already operating within the spirit of likely new Premier League financial regulations in respect of average profits and losses over three years.

"We believe very strongly that each club should continue to be permitted to run their business - including their pay rolls - as they see fit. This is fundamental to the future integrity of football."

Southampton were one of six top-flight clubs that voted against the spending controls, which were agreed by the narrowest majority at a Premier League chairmen's meeting last month, but Cortese is the first chairman to speak out publicly against them.

The regulations will restrict the amount of losses clubs can make to £105million over three years, and clubs whose total wage bill is more than £52million will only be allowed to increase their wages by £4million per season for the next three years. Clubs will face a points deduction if they breach the new controls.

The Premier League chairmen will be presented with the detailed spending control plans at a meeting in mid-April.

Cortese can at least satisfy himself with the performance of his own club following their automatic promotion from the npower Championship.

Interim results for the first six months ending December 31, 2012 show total revenue, excluding player trading, nearly trebled to £33.1million from £11.6million, while average attendances rose 16 per cent to 30,372.

"Our first six months in the Barclays Premier League show the dramatic impact promotion has had on the club," chief financial officer Gareth Rogers said.

"However, the significant increase in turnover has not deterred us from our stated aim of financial prudence in the top division.

"I am delighted to report the club's first profit without the aid of player trading since 2005, which demonstrates that prudence in football can be achieved whilst significant investment, both on and off the field, is still being made."


Click here for completely free £10 bet with Sky Bet & £5 free every week


Football365 Facebook Fan Page

The Football365 fan page is a great place to meet like minded people, have football related discussions and make new friends.

Footer 365

FA chairman Greg Dyke says Sepp Blatter "has to go".

Football Association chairman Greg Dyke insists that "Sepp Blatter has to go as FIFA president".

Jack Warner has been arrested and bailed in Trinidad

Jack Warner has been arrested and will be released on bail in Trinidad and Tobago as part of the FIFA investigation.

FIFA president Sepp Blatter welcomes US investigations

FIFA president Sepp Blatter has issued a statement welcoming investigations by US and Swiss authorities

Mail Box

Vidic Is Part Of United's 'Budget XI'

We have post-2000 budget XIs on behalf of Manchester United, Liverpool, Chelsea and Spurs. Plus gaelic football, FIFA, more awards and the majesty of Il Fenomeno...

Europa League: Hardly The AIA Cup

A Spurs fan definitely isn't bothered his side aren't in the Europa League final tonight. Also, a warning about Michael Laudrup, and how to build a team with less than £20m.

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company