According to Nick De Marco, the Premier League’s financial regulations have unintentionally restricted the progress of some clubs. De Marco, who previously represented Newcastle United in their takeover dispute and later defended Leicester City and Nottingham Forest on PSR charges, has raised concerns over these effects.
This season, Premier League clubs are testing new shadow rules, including “squad cost controls” and “top-to-bottom anchoring.” However, teams are still bound by a £105 million loss cap over a rolling three-year period—a limit set over a decade ago that has not been adjusted for inflation. This fixed cap has put ambitious clubs like Newcastle at a disadvantage compared to higher-revenue teams.
Having managed many PSR and FFP cases since these rules were introduced in 2013, De Marco has highlighted what he describes as “strange inconsistencies” within the regulations.
“I have never argued that financial controls are unnecessary or were created to intentionally hold back specific clubs,” De Marco explained. “But this has been the result. The evidence suggests these rules have not advanced financial sustainability or competitive balance; if anything, the opposite case is more compelling.”
Recently, De Marco played a key role in helping Leicester City avoid a points deduction due to a PSR breach. In this case, the Premier League’s barrister, Jane Mulcahy KC, acknowledged that the rules were “not perfectly drafted.” An independent commission also found the regulations to be “unsatisfactory, inconsistent, and leaving certain gaps.”
