Italy's Serie B introduces salary caps for players
MILAN (AP) -Italy's Serie B is introducing a salary cap to help stave off financial crisis for its 22 clubs.
Under the system approved Tuesday, contracts signed by players starting July 1 will have a maximum value of ?300,000 ($385,000) per season before taxes - divided into a maximum of ?150,000 ($190,000) for the fixed part of the contract and a maximum of ?150,000 ($190,000) in bonuses.
Serie B president Andrea Abodi says the new rules represent "further steps forward toward financial sustainability of our clubs.''
Clubs that violate the cap will receive penalties on their shared income, such as TV revenues. Also, clubs whose youth teams reach the final eight each season will receive monetary prizes.
One in four Serie B players currently have salaries beyond the cap.