Earlier this afternoon (15 November 2018), the Premier League issued a statement. It is reproduced in full, verbatim, below.
The Premier League has today agreed the arrangements for Richard Scudamore stepping down from his role as Executive Chairman.
The decision was made by the Audit and Remuneration Committee and the Non-Executive Directors, supported and endorsed by the clubs.
The payments, which will eventually total £5 million, will be spread over the next three years and are in consideration of three important areas:
- It was vital that a comprehensive set of non-compete clauses were extended, to ensure the best possible protection for the future of the Premier League.
- It was agreed that it is crucial for the League’s ongoing success that Richard’s unique knowledge and experience remain available in an advisory capacity.
- The payments are in recognition of the outstanding work Richard has carried out over the last 19 years.
The Premier League would like to put on record our thanks to Richard for his exceptional contribution to the success of the League.