Man City voted down as Liverpool and FSG get what they've waited 14 years for

At the Premier League shareholders meeting in London on Monday, Tom Werner and Billy Hogan would have been pleased with the outcome.

The Liverpool chairman and Reds CEO were in the capital to represent the club, as is the norm, at the meeting of the 20 member clubs, where at the top of the agenda for discussion was whether or not to adopt a salary cap.

The idea of a salary cap in English football has been kicked around for some time, and the one that was agreed in principle was one tethered to the broadcast revenues of the team that finished in last place during the previous campaign.

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It has been widely reported that a multiple of four-and-a-half be adopted, meaning that based on the 2022/23 merit payments, that would be the £94.2m that Southampton achieved directly from TV revenue, with that sum made up of equal share, merit payments and facility fees that were derived from domestic and international rights. At four-and-a-half times multiplied, that would be £423.9m as a cap.

When John W. Henry and Fenway Sports Group acquired Liverpool back in 2010 they did so under the assumption that Financial Fair Play rules that were to be introduced in the wake of Portsmouth’s collapse into administration would have some teeth and that they would promote a more sustainable way of running clubs, something that FSG felt was very much within their wheelhouse. Henry shared his own thoughts on financial controls in the Premier League when he spoke exclusively to the ECHO last year.

But it hasn’t panned out like that, and despite profit and sustainability rules