Apologies if this has come up before but I didn't realize that the Football League has a salary cost management protocol for clubs in Leagues One and Two that limits spending on players' wages to 60% of club turnover and total salary costs to 75 per cent of revenue. I would guess that salaries were higher than 75% in recent years - not sure the knock on effect for this season.
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Large turnover clubs should be allowed to pay as much as they like. Otherwise, what else to do with the "leftover" money? For example, if the cap is at 75% of turnover, and, say Portsmouth's turnover is £50m, that gives them £37.5m to pay on salaries and £12.5m to spend on running the club. But if Man United's turnover is £200m, they will have £50m to "spend" on running the club. Why does one club need so much more on non-playing staff and coss than another?
Bring in a salary cap and you immediately bring in "clever" ways of evading it. in the example above, what would stop Man United giving a rebate to their club sponsors, AIG, who in return, make ex gratia payments to Rooney, Tevez, Ronaldo, et al? Thus, a loophole has opened, United evade the ruling, players' salaries continue to rise and the differential between rich and poor opens further.
It takes two parties to agree a salary: the player (and his advisors) and the club. We don't need to bring in rules to stop one half of that equation making stupid decisions.