Crystal Palace co-owner John Textor slams ‘broken’ Premier League financial rules, saying it is ‘designed to keep the richest on top’.
John Textor, the primary shareholder of Crystal Palace, has expressed his concerns regarding the financial regulations imposed by the Premier League.
According to Textor, these regulations hinder smaller clubs from challenging the league’s elite.
Textor specifically highlighted the case of Nottingham Forest, who are facing potential points deduction for breaching the league’s profit and sustainability rules (PSR). He deemed this punishment as unjust, especially considering that Everton had their 10-point deduction reduced to six for a similar PSR breach.
As a prominent U.S. businessman and owner of 45% of Crystal Palace, Textor raised an important question about the purpose of these regulations.
He pondered whether they truly promote sustainability or rather act as a barrier for smaller clubs to compete effectively.
“Don’t tell me about Leicester City… it’s broken!” 🤬
Crystal Palace co-owner John Textor calls for changes to the spending restrictions placed on Premier League clubs 💰 pic.twitter.com/wZyyQLQn5X
— Sky Sports Premier League (@SkySportsPL) March 1, 2024
Asked about PSR, Textor said: “It’s broken. It’s clear that they’re built to make sure that clubs who do not drive significant revenues cannot catch up.
“It doesn’t matter if you have a billion dollars of cash in a wheelbarrow, you’re not allowed to spend it. Does that make any sense? Marinakis has plenty of money to fund his team but he’s not allowed to. If he spends too much and does what the fans want, somebody comes along and docks him points? That’s not right.
“Financial Fair Play is a fraud of a term, to say it’s about sustainability. The sustainability issue is a fraudulent issue. Sustainability should be about the quality of your balance sheet, not ratios against your profit and loss. Nobody actually thinks that makes sense.
“If you have a billion pounds of cash and you’re sustainable — more sustainable than most clubs in the league — but you’re not allowed to spend this, everybody should be saying this, it doesn’t make sense.”
Forest, who are owned by Marinakis, face a points deduction after admitting breaking the league’s financial rules.
“We have got three billionaires in our ownership group, maybe more. We’re not allowed to spend at the level of teams that are in the top six. Josh Harris has no trouble with money, he just bought an NFL team [the Washington Commanders], he owns the [Philadelphia] 76ers [basketball team]. But Steve [Parish, co-owner and chairman] is not allowed to go out and spend that kind of money, he gets docked points and sent to the second division.
“I’m just saying you cannot have a rule that says somebody who has the money is not allowed to spend it because their club isn’t big enough. Yet how do you get big ever?
Textor speaking after addressing the FT Business of Football Summit in London, where he raised the issue of PSR, suggesting they may be anti-competitive.
He added: “I’ve got to somehow find a way to put Crystal Palace against Erling Haaland, and if you have an injury at Palace, you don’t get to pull a £15 million player off the bench, you’ve got to take someone from your academy, because you can’t afford to have that [£15 million] player on your bench. That is not sport. Is anyone really having fun with this? It’s broken.”
The Lyon owner then criticised Paris Saint-Germain’s dominance of Ligue 1 since Qatari Sports Investment (QSI) bought PSG, the club have won the Ligue 1 title on nine occasions with only two other teams (AS Monaco in 2016/17 and Lille OSC 2020/21) winning France’s top-flight in that time.
However, Textor, who became Lyon owner in December 2022, said that PSG’s dominance is not for the betterment of French football.
He said: “Who will be interested in the French league and watch it on the TV if you know who is going to win.
“Everyone fights for second place. It’s the same team that wins it every year.”
Twitter users reacted as the Crystal Palace co-owner slams Premier League financial rules ‘designed to keep the richest on top’…
@agbnufc_: I’ve been saying this for years and I’m a conspiracy theorist apparently. Now billionaire chairman are saying it, ‘ight.
@KeithFenwick10: One team might break into the top 4 like we did last season it might be villa this season but over a 3/5 year period normal service will eventually be resumed as we have to now sell our best players .. that’s exactly what these rules are there to do
@Sandance1888: Of course they are. Any FFP system that is entirely based upon a % of club revenues or limited losses, that doesn’t allow for owners to invest their own money into their clubs, will favour the established clubs and stop ambitious clubs from competing. It’s a closed shop. 👎
@scottyp182: Isn’t that what every fan of every team outside of the sky proclaimed big 6 is saying?
@mancityneil: It’s always been that way. Has the penny finally dropped?
@Pete01mcfc: How long have City fans been saying this? The turkeys literally voted for Christmas 🤷♂️
@CherylSwanick: Everton have been saying it for months
@NeilDav75440965: Finally! Lets hear more of this from other owners and fans
@DWoolford58: Well, well, well whats happened Mr Ziegler for you to report this now? Everton supporters have been saying this for months but you where used as a conduit for Masters and the @premierleague and ignored the obvious.
@ClaireMulcahy17: Blame the red cartel for trying to keep others down…. It’s what palace voted for though so not sure what he is complaining about
@saywattharry: The penny is starting to drop
@Skyblue72Paul: If only someone had pointed this out at the time. Oh yeah, we did.
@Jacob4rmstrong: People are finally realising that FFP was designed to stop the league being competitive for Liverpool, Arsenal, United, Chelsea and Spurs. So they’d always remain at the top. All other clubs need to call out this corruption of the premier league
@JessePyatt11: City tried to warn them about the cartel clubs but the turkeys still voted for Christmas. City are the only team who voted for the league to bring in an independent regulator yet everyone thinks City are the problem. City is going to destroy the Prem with these 115 charges.
@EFCMatt1: Palace just about to get the Everton treatment from the PL. Goodluck lads 👍🏻
@solestar123: Soooooo … finally, other clubs are seeing what City have been saying for years
@Stephenah62: Time for the 14 clubs to take control of the situation and start to vote against the cartel 6. The current rules are not fit for purpose especially during a pandemic and Ukraine war. The new rules will only favour the 6. PL should realise details of FFP spending for all clubs.
@BenidormToffee: The only fans who defend these rules happen to be the fans from the Cartel teams who benefit from the protection. Funny that, eh 🙄
@NathDoggRooney: Finally, people are waking up to the absolute con and stitch up that is FFP. Shame it will only be Everton and possibly Forest who are ever penalised for breaches to a broken system.
I wonder who voted for those rules…was it Premier League club owners by any chance?
— Kieran Maguire (@KieranMaguire) February 29, 2024
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