Should the Premier League have a salary cap? 

Whether they have s salary cap or not,they can still get The Athletic for £1 per month.

Tifo, could you guys do a full and updated breakdown of FFP, please? It's really confusing to understand!

"as the others play catch up" I don't know about that... All I know is that the smaller Prem clubs can now stand up to big teams who want their players. Gone are the days where United could roll up and take Everton's striker for 30M...Everton can now hold their own and demand the price they want.

Hey Tifo...Just wanted to say that you're the inspiration for me to start a "graphic-based" content. Thank you ⚽⚽⚽⚽⚽⚽⚽

As long as any regulating body remains flexible it could work. Regulation always seems like a good idea, but often takes many revisions and a lot of time to get good and then requires constant updating.

5:13 the cliff edge being a map of Spain was jokes

Just whipping this out there… salary cap that if you go over, you pay a “luxury tax” that is given to any other clubs that aren’t over the limit so let the oil money benefit everyone even if they aren’t owned by it

The main idea behind the salary cap is to improve the competitiveness of the league, not to make clubs money. That's why half of the teams in MLS have won the league since its inception whilst only a handful of clubs have won the premier league over the same period (although I appreciate revenue sharing and single club markets make their model unique). A salary cap would undoubtedly make football more, and I use this term lightly, "fair".

Tifo, Ccould you kindly make a breakdown video on the what happens during a signing process. We hear about contract, agents fee, medicals, sign on clause, image rights etc but an in-depth analysis about the behind the scenes would be really insightful

Hey Tifo will you ever do another Championship video or podcast? I remember you did a great one last season where you highlighted Olise as one to watch, hope you’ll make one for this season.

PSG: "what is salary cap and FFP?"

They dont need one as long pl keeps earning 3 times tv revenue than la liga, serie a etc.But they ought to be careful as something similar happened with milan in serie a when it was joint most revenue earning league in the world which caused it to degrade it to 3rd/4th place

Happy to hear a sensible comment at 5:15 Really hope people will see that Leicester is such a freak instance that it would never happen again in the near future. Imagine where Man City would be today without the backing from overseas.

I want some more information on the guy with the pointer in front of the chalk boards. I can see his shoulder hyper-mobility is being wasted being a standroid, wearing a shirt and pointing at stuff on black boards. Would starting pitcher for the Jays be better? What is his name? Is he called Stan '360' Beresford?

If a salary cap doesn’t exist at least FFP should jeez City with their wages and transfers. Only a slap on the wrist for their punishment, didn’t even get banned from UCL

Tifo!! Keep up the amazing work you guys do, I’ve learned so much about the beautiful game thanks to you guys!!

No, that's not how this sport works. Each clubs are their own stand alone entity as opposed to the single entity franchise system so caps are too hard to implement. It's fine the wy it is

The only way any sort of salary cap could/would work imo it's if all European competitions agreed to similar policies (salary based on average income of teams in the league) basically the more money the competition brings in the higher their salary caps. I believe this should be based on the previous years income statements. Then you'd need to make allowances for teams qualified for European competitions. Really it would require systematic chance where the focus was more on the health of the competition as a whole (you'd need at least half the competition each season being competitive) as opposed to a few clubs. The problem is no matter what's done it's going to be painful and it's going to take years before the true benefits are noticible system wide (as contracts from legacy systems expire ECT) personally I think a salary cap that means at least 60-70% if clubs have the finances to utilise it in full (of course smaller clubs who are recently promoted ECT probably won't be able to use all the cap) & where limited allowances are made for clubs competing in Europe along with perhaps a 10-20% soft cap above the salary cap with significant luxury tax that's redistributed to poorer clubs could work. I think it's a good thing that wealthy ppl can come into a club and make a big difference but top league competition shouldn't be buyable in any circumstances, a well managed/profitable club should have an advantage over one that isn't but it should never be mainly about that. Otherwise let's get a bunch of billionaires on the pitch and have a money fight to decide domestic & Champions league winners

They need to do something about these outrageous transfer numbers

Hopefully they bring it in. It's just unsustainable at the moment driven by oil money. Make the league more competitive without clubs risking their very existence chasing the dream of champions league.

Tying a soft cap on transfer fees and wages to the clubs total revenue is a good way to stop the current excess displayed by MC, MU, and Chelsea, but it could hurt smaller teams with less match day revenue for example. Another idea could be the luxury tax like MLB has. The Yankees and a few others go significantly over the luxury tax line every year, but they’re hit with a big payment that gets redistributed. theres also still a lot more parity in the MLB than Prem

There is no perfect solution to everything. While we do want to stop City from splash the cash and put the players on a bench prison with money, we don't want to stop the ability to do occasional big money signings. The best solution I can think of is a spending cap every which is set every 5 years.

I'd love to see some kinda "tax"--perhaps 10% on transfer fees above 10 million or something, and maybe some on wages over 100k/week or whatever--and that money goes into lower-league teams. Thus strengthening the game from the ground up (imagine what even half a percent of, say, a couple hundred million is to a non-league team, or even league two), giving supplemental money to teams that are seeing losses after failed promotion/staying-in-the-PL bids, and perhaps curbing the excess fees without nullifying the league's ability to compete with others outright.

Hard cap is the only option. But needs to be implemented by UEFA Europe wide.

The question logically boils done to: Do you want the quality of the league overall to increase, or just that of a few wealthy clubs? A cap helps spread talent around, preventing rich clubs from picking up players just to ride a bench or be loaned out so they don’t have to face them on an opposing team.

No cap

People always mock the MLS as to being “too strict” but their model of having spending caps per team in the league helps create chances of everyone to win the league. This reduces the chances of their league, let’s say LA galaxy/NYCFC, turning the league where they could just farm players only because of their dominance in spending and wealth of from the club (Ehem.. DBL.. Ehem.. Ligue 1..).

Arsene Wenger had a good argument against the salary cap in football. Can’t remember what he said, but it was incredibly insightful

The problem is if there is a salary cap, the profits just go into the owner’s’ pockets rather than into the performers pockets. Any and all profits are funneled back into the club for stadiums, academy, scouting etc. Then if they are forced to put profits into the club the accountants will just cook the books. I would love to see a hard salary cap across all leagues that match to spread out talent and even up the competition and for accountants, UEFA, the football administrations and owners/clubs to be held accountable to very strict standards and punishments. Cooked the books or went over the limit? That’s an automatic relegation and no European games, do it again and risk a frozen club where players can’t move in or out and the team isn’t allowed to play for a season. No appeals, no begging and pleading. Just harsh punishment. It’s getting old seeing the same United, Liverpool, City, Bayern, PSG Juve, Inter, Milan and other big teams win their leagues and eventually the UCL. I’d love to see Ajax get to a UCL final or Bremen be top of their table again with Dortmund and Bayern. A performance based compensation system could also work. You get a minimum salary based on the tier you play in. The top of the tree like Série A or the PL get 100,000 a year and then for an appearance it’s an extra 25,000, a goal/assist it’s 50,000 and then for a clean sheet the midfielders and defenders get 50,000 with the forwards getting 10,000. 3-5 tackles/saves get you 15,000. Run 10k it snags ya another 10,000. Players won’t sandbag and will play their hardest. This could then cause the best players to all want to play together so they can maximize their income, however this can be prevented by also incorporating a ranking system among players. 1-10 each team is only allowed to have 1 player ranked 1, 1 player ranked 2, 2 ranked 3 and make the total for a 30 man squad add up to a number greater than “x.”This would force teams to diversify and have a good bench with a star player. Also a player who graduates from your academy DOES NOT count against your rank or wages for said player. Thus teams would want to buy a rank one and if someone like Cruyff, Donnarumma or Totti comes along in their academy they could potentially have 2 players ranked 1. Only one academy player however is allowed to be designated as such. If you sell him with a buy back clause you give that up if he ends up being the next Dani Carvajal. Also limiting the loan amount of players to 5 so teams don’t try to get around it. How would you rank players? Simple, with stats. Every 2 seasons all players and up getting categorized and if your club busts the “rank rule” you have to sell/trade him. So every 2 years on the even years teams would shuffle around a little. As old players lose productivity if someone fills their void on their team they can stay if they fit the plans, if not you could sell an aging but still elite and very productive now rank 2 player to another team. Give a loyalty write off too, if a player stays there for 6+ years his rank would stay one lower than his previously achieved rank. So you could’ve bought Neymar, grew Messi with a loyal Dani Alves and then have 3 rank 1 players with Dani counting as a rank 2. All I know is that the last 15-20 years has been a real snooze fest with the same teams always winning. Even if it’s just temporarily like Dortmund managing to snag a couple about 10 years ago. While the Premier league is the best league from top to bottom and has the most possible champions with 6 teams at any time vying for the title it’s always the same 6 (which used to be 4) barring the Leicester City win.

Tottenham at 2:22 This explains so much...

1:04 teacher with very flexible arm is back !

Would also have to cap profits as any savings on players wages would just go into the owners hands. Don't care about not attracting more rich owners as you can see by the losses Man City and Chelsea have made all they've done is distort the market for every other club as they are fine losing so much and have just raised salary expectations and transfer fees for everyone else too. It is not sustainable as it is at all as these billionaire owners won't be around forever. Owners need to be legislated as "Custodians" for a start, and a mechanism in place so they are virtually non-profit entities (where profits stay in the club).

Thank you for the relevant and continued content. Love from India 🇮🇳❤️

There are always “eras” in the Premier League… we’ve had United and Arsenal, then Chelsea, now it’s City and Liverpool… there’s no doubt that the top spots are predominantly taken by those that can afford to pump large sums of money in to transfers. This should also highlight what an amazing feat it was for Leicester to win the league when the team around them were throwing silly cash about. All this being said, City seem to be taking it to the very next level. They have 22 world class players and this has never been seen before in this league. Even when United were on top, they had players like Anderson and Park Ji Sung… average players performing out of their skin. It doesn’t seem fair to the other 19 teams who can afford only a fraction of what City can. When ‘FFP’ was introduced I was initially against it, thinking it would make our league stale, but actually I now think that greater controls should be put in place to save the game we all love and the league we all love, from spiralling into a massive financial problem that it cannot recover from. Just look at the issues Barca and Real Madrid are having at the moment… yes it’s partly to do with La Liga rules, but really they got themselves into this situation by being irresponsible with wage models and transfer fees. Bit of a meandering comment. I don’t really know what I want to say. I just hope the PL prospers and doesn’t become a joke! Come on Brentford!!!! 🐝🐝🐝

No salary cap please

Watching this you really realize the Barcelona board knew they wouldn´t be re-signing Messi and just delayed it either to screw him or not let him go to the Premier League

The guy who done that bloke animation pointing with the stick deserves a payrise, just spat my coffee out at that last bit.

No salary cap, but expenditure should be linked to income. And earnings from sources within the FA's control should be more evenly shared

The premier league should have had rules against foreign owners buying out clubs looks at the oil barons at Chelsea and city and the Americans at Manchester and Arsenal they took yalls clubs and made it theirs

Salary caps just mean that clubs will make more money and pay less wages. 🤦🏽‍♂️

Maybe a maximum wage is needed rather than a cap I.e. so that when teams need to sell players the disparity in wages isn’t such that they don’t want to leave, or it means that a maximum wage is relative to the income of a club for individual players so that they don’t overstretch themselves

So the main argument against an NFL-type hard cap is how it might affect the competitiveness of English clubs in Europe. Considering the fact that La Liga already has rules in place and Bundesliga clubs are never big spenders, the club everyone has in mind is PSG. However if UEFA impose the cap, then the problem is solved. And that's the only solution, because if a salary cap is related to revenues, pretty much like the FFP, clubs with deep pocket owners will find a way around it, just like Man City have revenues from Etihad which belongs to Sheikh Mansur's family. Qataris have owned UEFA and FIFA for far too long, from the 2022 World Cup to PSG being allowed to spend absurd amount of money without any consequences.

If the PL introduced a salary cap then players would simply move to another league without one. This would ultimately be the downfall of the PL because of a lower standard of football and give other leagues without a salary cap an advantage in European competition. Also in the example of Manchester United where would their massive commercial revenues be spent? It wouldn't be on transfers, lowering ticket prices, improving the match day experience, infrastructure changes. It would go straight in to the Glazers pockets. IE money being taken out rather than being put in to football.

I feel like there should be salary caps, transfer caps and also caps on agent fees.

Do a video on the financial diffrence of the premier league and other leagues and how big clubs who are not in the premier league are failing financially (inter barca)

There should be a global wage cap. Would not only benefit the clubs, but also make the game much more fair

Hey ! This was honestly some of the best content you’ve done in a long time. Really enjoyed this one

If it wasn’t for how awful some things are these days in society, I would love to see leagues all around the world have a salary cap including the premier league in the near future by maybe next year in 2023. So that the big clubs won’t be too advantaged from the small clubs. There would be WAY more 2015-16 type seasons in the premier league, possibly much crazier than that, if there was a salary cap. And that would be so cool!

4:31 I don't think Everton would be impressed to know that they can spend only €49m.

There should be a salary cap across the globe.. I'm looking at you PSG

Boris Johnson popped up like a Jack-in-the-Box at 5:42!

Seems to me most people want salary caps because they are jealous of the wages, not because of anything to do with "fairness".

The money in Football is increasing every time a new TV deal is struck by the Premier League, all in all it affects us the fans that attend the game, more money means more ticketing pricing, kit prices, one of the ways this can be tackled if the Premier League removes TV rights and goes solo with their own broadcasting system in place where you can pay monthly/annually to watch all games or even watch the weekly games for the team you follow for less. This can work, only if the Premier League can manage to bring in pundits that can help make it all work, after all pundits are the face of a match day aside from the players on the pitch. Players salaries will always rise and so will transfer fees, thats something thats gone out of hand now.

This should be taught to PSG They are the real bad boys of the market

I am genuinely confused. If the laliga has this how was Barcelona able to go so in depth? The app should have flashed red no ?

Salary Cap is a great thing. One of the reasons why the NHL is so competitive and theres no 1 team that dominates for long periods.

Aston Villa just bought three players because one of their players was sold for a lot. Even most newly promoted sides are going to be able to spend more than clubs like Ac Milan, Inter, and Athletico Madrid on a regular basis.

Ans- no, as it may get messy(i)

The soft cap graphic has me rolling

Yes, they should.

I think a spending cap makes sense, in the last 20 years 17 times the league has been won by teams that have near unlimited funds and can just out spend the competition to win. And even in that, Liverpool and Arsenal have a fair amount of funds just nothing on City, Chelsea and United. Well, Chelsea will struggle now they’ve lost their billionaire owners but that will more prove the point. It’s the same all over Europe, it’s the richest teams, who can out spend and pay higher wages who are almost guaranteed title success. Munich in Germany, Madrid in Spain, juventus and Milan in Italy, PSG in France. Aren’t people bored of the same 5/8 teams winning league and European titles every year? After 5/10 years of a spending cap on transfers and wages the talent will be spread out over many more teams, making leagues and European competitions far more competitive.

Probably

Personally I think a progressive salary cap could be an interesting option to look into!

You just make it the amortization cap to look at combine players cost impact and not to prevent clubs from investing in infrastructure, big and expensive staff core, academy, etc. In the long run owners should be happy with this way to freeze a clearer wage structure for a PL club.

I think fifa should introduce a wage cap world wide. then let each association add extra measures if they wish, as long as they don't allow clubs to go over the fifa set cap.

Why not just let clubs spend what they want and if they manage themselves badly and suffer as a result then let them. I'm Liverpool fan, so I have seen the worst when Gillet was the owner, but Liverpool as a club has learnt and is now one of the best run clubs. Barcelona will eventually get back to being a stable well run club again. This is how Capitalism works.

These sorts of regulations more often than not benefit the richest clubs, who by their very wealth can find ways around them. What the regulations do achieve though is inhibiting the proverbial eccentric investor into medium/small-sized clubs in throwing the money in to catch up to the elite teams in the short term. Think of Walker at Blackburn. Salary caps, “break even” rules, soft caps - they make any venture almost impossible since most new ventures, and businesses in any field actually, can’t make a profit within the first 3 years anyway. Burnley for instance could go ham and sink 500 million into the club for the next 3 years with the aim of challenging the top 6, but they can’t with current regulation. TLDR these regs make fairness and more competition less likely, not more.

I don’t think that this will help at all. If teams who are aspiring to improve have to buy players at higher wages to attract them to the club, they’ll span more of their cap space than other clubs perhaps. It’s a slippery slope. I think the best idea is a soft cap with a fine for going over it that can then be spread across the league. I think it’s a fine compromise for clubs who are in CL contention while also creating a new revenue stream for lower clubs in the division

Quite frankly we’ve seen what happened at Barca, a soft cap is one thing but copying La Lisa would be a disaster in my opinion, at least outside the EFL

A salary cap could actually make things worse. If Everton and Man City offer the same wages and bonuses the player will probably go to Man City as they're the best team to play for if you want to win trophies. A salary cap could force all the best players to the teams that are already at the top. But in the current climate if Man City and Everton want a player like James Rodriguez, Man City who already have a great squad might say we won't pay you more than 100k per week on a 2 year deal and Everton might say we'll pay you 120k a week on a 3 year deal. Making the game more open and less of a one horse race. Plus the biggest problem with the bigger teams having the best legal teams Man City can just fight the courts and do what they want anyway, regardless of any salary caps. Where as Crystal Palace who might be able to compete with wages wouldn't be able to complete legally

Simply limit the amount of transfers per club depending upon league finishes. 1st place: 1 transfer: whether it's a world record fee, free transfer, youth player etc. 2nd: 2 transfers. 3rd 3 transfers. Etc. Limit what the money can do.

There's a salary cap in Super League (Rugby League) and St Helens are losing one of their best players, Lachlan Coote, to Hull KR because they can offer him more money under their cap. It's like if Man City lost KDB to Newcastle because they could pay him more. TBH the cap hasn't really balanced the quality of the league as only 4 clubs have won it since 1996, but maybe things are changing...

If a salary cap comes in, it will just be circumvented in other ways, like employing players family members as consultants, or cleaners on insane wages.

No, but a luxury cap threshold to aid competitive balance from the tax revenue from those teams that go over the tax threshold should be considered.

All leagues should have 1 tbh

Salary cap will make zero difference. the club's will give big signing bonuses or the players will ask for sell-on clause in their contracts which will enable them to get paid well at the same time join big clubs. this will skyrocket the transfer fees paid to clubs by 10-20%

Wouldn't this just send more profit into the hands of the billionaire owners? Footballers deserve to be fully compensated for their work, they generate insane income. Ban outside ownership, have all clubs be run by their fans/communities

Every article on salary cap i have seen is dissregarding a very important aspect! Whether hard or soft salary cap is used in usa based sports like nba or mlb, it is heavily entangled with how the 'draft' works. Through the 'draft', each year, teams that had worse records the previous season get to pick draft players before better teams. In the nba draft players have to be over 18yo. The salary of draft players is regulated and very low compared to non rookie players and for a 5 years contract. Applied lets say in european football if Messi was drafted in la liga at the age of 18+ he would have never ended up at Barca and he would have to play for 5years at a team like for example Leganes or Alaves. And if he did not deside to get a contract extension after that he could join any team he wanted as long as the adition of his salary would nor exceed the team salary cap. Salary cap works in usa sports coupled with the 'draft' and non relegation. Arguably it could work even with relegation if a the cap would be somewhat relaxed for relagated teams and accenuated for the oposite. But would salary cap work without the 'draft'? And could there be a pl or la liga or bundesliga or a pan european draft for football? As far as i know, there is no sport example that sucessfully works with the salary cap (soft or hard) rule but without a 'draft'. This is omitted/ dissregarded in every article analysis i have seen about enforcing a salary cap in european football leagues.

Need a cap on agent fees first

Only works if the world of football has a salary cap

Yes . Yes and a bigger yes . Salary cap of 250 million . Only one player can earn more than 20 million . Only 5 players can earn more than 15 . But the rest can earn as much as they want below 12.5 million . But , they can always earn sponsorship money where they do a partnership with the club .

As a Saints fan listening to this im wondering about how Chelsea books show player values of outgoing players. If there were to be a reasonable buyback clause/fee for each transfer would Chelsea book the buyback fee or the actual, or the partial applying to that season? Or do it as a lose on one ledger and gain on another? This year's Premiership winners? The club with the best accountants?

The best thing for Football in Europe would be a UEFA salary cap for every league. It should be done on a clubs yearly wages. UEFA could take the average yearly wage amongst all the top clubs in Europe and set a yearly wage Cap just under the average. Leave it alone for a number of years and see what happens. What hard salary caps will do is allow smaller clubs to catch up to the big clubs. If done correctly the system will work.

I've never understood why people want to stop investment into football? What other businesses would have such restrictions? Why would the government want to back a rule that drops the spending by these clubs by 430m, wount what impact on tax that would have when you think of the wages, spending, support staff etc .

No. Just no. Relegation changes all that and it has no business in the current European model. LA Liga is nuts.

Could you do a more fuller exploration of whether a flat salary cap could work? It is dismissed in this video but has been successful in domestic leagues of other pan European sports.

It’s very easy to understand. It’s like the NBA, top players want big contracts and there are a few teams teams that can afford them but what separates NBA from Premier league is the ability for smaller teams to COMPETE and actually has a chance of winning a title. The salary cap, the luxury tax (more stricter version of FFP), trading rules where small teams can trade their best player for some draft picks so they can draft the best youngster. Top teams can trade their draft picks and average players for better players, risking their future because they are trying to win now. The biggest example is the Milwaukee Bucks. They just won their 2nd championship, their last one was back in 1971. What makes it more meaningful is the drama behind it that Milwaukee bucks are a small market, they can’t attract top players, so they heavily invested in Giannis, hoping he’s loyal to stay with the team. When is the last time a small English club win a premier league? Or their 2nd?

Only problem is every league would need one or premier league will no longer attract the premium talent from around the globe so they wouldn’t take that risk

I don't agree with the claim that the massive gaps in spending make a hard dollar-and-cent cap unworkable. Formula One introduced a $145m spending cap despite $300m gaps between the biggest and lowest spending teams. It's totally workable, you just need to have the will to do it.

Why only restrictive models that are season to season based? And why not both hard and soft measures? So that top spenders is always within reach of lower clubs, but lower clubs cant just build a squad in one season "Chelsea-style"

A 'Luxury Tax' is an interesting idea. Implement a 'Soft Cap' on Transfers (eg. £100m each year) and anything spent over that figure, then teams are 'taxed' 10%, which then goes to the support Grass Roots. It means team's aren't limited to what they spend, but if they do, they will be forced to pay a premium which goes to support the rest of the game. So because Grealish has been signed for £100m, if Man City do sign Kane for £150m, they actually pay £150m to Spurs, but then £15m (10% of £150m) goes to the FA to support Grass Roots. City get Kane, Spurs get 100% of the transfer fee, Grass Roots is supported, and City are slightly discouraged from spending any more on transfers due to the 'Luxury Tax' to promote more parity.

So, we're not going to talk about the instructors hand movements here? okay.

Here's an idea: What if a salary cap is put into place for Premier League players, but not for Champion's League players? Basically, if the big 5 are going to focus on the international championships, then let them, but with limitations on using their big signings on the local game. For example, any player whose transfer was higher than 30 million GBP should not play more than one PL game per month, with. Or something like that.

Why not some sort of luxury tax? A soft spending limit which is equal for all clubs, with clubs being allowed to spend more than that but having to pay a tax equal to a given proportion of the overspend to the FA. The FA can then give 70% of this tax revenue to the PL clubs who didn't breach the spending limit, 10% spread equally over the Championship clubs, 10% spread equally over League 1&2 clubs, and spend 10% on grassroots football, womens football, FA Cup/Trophy/League Cup prizemoney, community outreach/charity, and whatever else they like. You allow the big clubs to spend up to compete in Europe, you allow new rich owners to "do a Man City" and plow money into a club, you give the PL clubs who stayed below the spending limit a boost to help them compete with the overspenders, and you provide a new revenue source to fund the lower levels of the English game.

No they should do something similar to Football League's SCMP

Some things never change , income to expenditure ratio would help the clubs to not fall in bankruptcy. But again, if a club has more income they can spend more & if the club doesn't have Many fans to offer , there won't be new emerging champions as well. Market rn is very interesting , largely inflated because every Club spends for the sake of winning. Seville is askin 70-80M for Kounde ffs , Barcelona paid 130M for Dembele & were ready to pay 150M for Richarlison. Players are not really worth that much , smaller clubs in future will be better than winning clubs. Bayern is an example for Big Clubs.

In short, yes

This would be a case of shutting the barn door after the horse has bolted. The time to do this in England was 91/92 when the Premier League began. It's too late now as the rich clubs have too much power

would be good but the top6 will never agree, as it threatens them to relegation. + they need to stay competitive against messi psg, bayernliga, serie juve and RMA with mbappe next year.

would be cool to have the same hard cap over all top tiers leagues of the countries able to qualify for the CL/EL