Preston North End chairman Craig Hemmings criticises lack of Premier League financial model after £12.2m loss
- Published
Preston North End are yet to reach the Premier League since its inception in 1992
Preston North End chairman Craig Hemmings has criticised the Premier League for failing to agree a financial model with the English Football League, after the club posted a £12.2m loss.
The club's 2022-23 accounts showed the loss was down from £16.9m the previous year, while turnover was up by 13%.
In a statement on the club's website,, external Hemmings criticised the Championship's lack of a level playing field.
Hemmings said that parachute payments were a "huge financial advantage".
"We have lobbied consistently about a financial re-balancing of the football pyramid," he said.
"In November it was announced we are to have a new football regulator who will oversee the running of English football, to - amongst other important initiatives - ensure a fairer distribution of monies across all divisions.
"Whilst it is likely to be at least a couple of years before the regulator is in situation, it is a very encouraging step for all of English football.
"Unfortunately, even though they have been repeatedly requested to do so by Government, the Premier League has thus far either refused, or has been unable, to agree to any new financial model with the EFL.
"Let us hope, for the benefit of all football, good sense prevails sooner rather than later."
Hemmings' comments come after EFL chair Rick Parry told MPs on Tuesday that changes will not happen until a funding package is agreed with the Premier League.
Parry said the Premier League currently wants to impose regulation around what Championship clubs can spend and are yet to agree where the proposed funding of around £900m will come from.