Liverpool agree wage cap at G14 meeting

The G14, a gathering of Europe's leading football clubs including Liverpool and fellow English sides Manchester United and Arsenal, agreed to keep wages below 70% of a clubs turnover during a General Assembly in Brussels.

The cap will come into effect during the 2005/6 season, giving certain clubs time to lower wage bills above the 70% limit, and is part of a ten point plan that the G14 hope will help combat the financial crisis the game is currently experiencing.