'Difficult' - Amanda Staveley reacts to Premier League proposal set to impact Newcastle United

Premier League clubs have voted to fast-track new proposals that will see a change to the existing Profitability and Sustainability Rules.

New rules would mirror UEFA's squad cost ratio model which allows clubs to spend a select percentage of their annual turnover. A meeting between shareholders on Monday saw the clubs agree "to prioritise the swift development and implementation of a new league-wide financial system" to replace the current rules.  

While the finer details of the proposed financial rules are still under discussion, the change has been suggested since the start of the year. Premier League chief executive Richard Masters previously stated that there would be a discussion surrounding moving away from the PSR system which limits clubs to losses of £105million over three years to something that aligns closely with UEFA's rules which eight Premier League clubs, including Newcastle United, have already had to adhere to this season.

Speaking prior to the announcement, Newcastle co-owner Amanda Staveley wants to see the right balance found between financial regulation and allowing clubs to grow.

"We all have to do more to make sure we grow our revenues," Staveley said at the Bloomberg Power Players' summit in Jeddah. "There has been much more of a focus from the Premier League owners to make sure we grow our commercial revenues and our media, as a product, should be much more aggressive."

It is thought the new proposals will put further restrictions on ambitious growing clubs with lower revenues such as Newcastle United and Aston Villa.

"There is a regulator coming in and there's much more of a focus on sustainability," Staveley added. "Sometimes, when you over-regulate, you can slow growth and we have to make sure that we get the right balance between the right regulatory environment, the right rules and the right Financial Fair Play rules that promote growth. That's the only way you're going to get great football.

"One thing about the last few seasons in the Premier League is any club can win any game, and that's good. That means you get some incredibly exciting football...it's a difficult time because there has been so much focus on sustainability that people have actually forgotten that we're providing entertainment and we have got to grow this business.

"Football is difficult. You have very limiting Financial Fair Play rules. You have so many rules and restrictions about player purchases so it really does probably need some fresh thinking."