English Premier League â€“ the richest soccer League in the world, but the changes in UK legislation and the country’s withdrawal from the European Union (as a result of the fall of the pound sterling) marked for her huge losses.
The main source of revenues of the Premier League selling the rights to broadcast abroad. He brings about 3 billion pounds. Financial Times reports that soon the Premier League will announce losses of 312 million pounds before taxes.
Many of the contracts concluded in foreign currency. Clubs had previously received their shares in pounds, and the Premier League to insure themselves against possible losses on the course thanks to the various hedge funds, the new rules of accounting no longer allowed to benefit in this way.
Now changes in legislation require companies to annually evaluate their contracts at market value, and not expect completion of the transaction, to file a formal Declaration of its values.
The financial statements of APL will be published next week. The Financial Times claims that is not yet published documents confirmed: new laws have turned what was a slight advantage in huge losses. However, it is noted that this will not impact significantly on the members of the League.