Former Everton chief Keith Wyness has slammed proposed new financial rules which will now penalise Leeds United and Newcastle United.

Former Everton manager Keith Wyness has lambasted proposed new financial restrictions that might penalize clubs like as Leeds United and Newcastle United.

Speaking on the latest episode of Football Insider’s Inside Track podcast, the 66-year-old, who was CEO at Goodison Park from 2004 to 2009 and now heads a football consultancy that advises elite clubs, said the rule changes will benefit the Toffees.

Premier League clubs decided on Monday (11 March) to implement new financial laws that will limit spending on wages and transfer fees to a proportion of a club’s gross revenue, with that maximum apparently set at approximately 85%.

These new regulations will replace the Profitability and Sustainability Rules (PSR), which previously allowed teams to lose only £105 million over three years.

Modeling by Football Insider finance guru Kieran Maguire recently revealed (via X, 11 March) that Leeds (if promoted), Newcastle, Fulham, Aston Villa, Nottingham Forest, West Ham, and Wolves will struggle to comply with the new restrictions.

Leeds United and six other Premier League sides in danger of financial rule breach

On Sunday (17 March), Everton moved to the top of the Championship and are expected to return to the Premier League for the 2024-25 season. However, Wyness emphasized that the new rule change does not address the “root cause of the problem in football.” He stated on Football Insider’s Insider Track podcast that the new rules will benefit Everton.

“We still need to get through this season – and even beyond next season – for the new stadium to open and revenues to expand.

“There’s still a long way to go.

“But under the current rules, there are roughly seven clubs that would be looking at concerns [Aston Villa, Newcastle, Fulham, Nottingham Forest, West Ham, Wolves, and Leeds United if promoted].

“Everton would not be one of those teams.

“But, in my opinion, these new rules do not address the core source of the problem in football. If an owner can demonstrate that they have resources, they should be able to invest in their organization.

“I think that’s the key issue, for me.”