Premier League release statement that will impact Man Utd, Man City & rivals

The Premier League's profitability and sustainability rules (PSR) - which have sparked controversy this season - could be replaced as early as this summer following a top flight announcement.

The top flight is looking at a system more closely aligned with the squad cost to revenue ratio contained within UEFA’s Financial Sustainability Regulations (FSR), which allows clubs to spend up to 85 per cent of revenue on squad cost - transfers and wages. Those regulations will eventually limit clubs participating in European competitions to only spend 70 per cent of revenue.

Sky Sports report: "If approved, the new rules will not affect the ongoing cases regarding Everton, Nottingham Forest and Manchester City, who will all continue to be judged on existing financial models."

A Premier League statement on Monday evening read: "At a Premier League Shareholders’ meeting today clubs agreed to prioritise the swift development and implementation of a new League-wide financial system. This will provide certainty for clubs in relation to their future financial plans and will ensure the Premier League is able to retain its existing world-leading investment to all levels of the game.

"Alongside this, Premier League clubs also re-confirmed their commitment to securing a sustainably funded financial agreement with the EFL, subject to the new financial system being formally approved by clubs. The League and clubs also reaffirmed their ongoing and longstanding commitment to the wider game which includes £1.6billion distributed to all levels of football across the current three-year cycle.

"The Premier League’s significant funding contributions cover all EFL clubs and National League clubs, as well as women and girls’ football, and the grassroots of the game."