The ability of English clubs to continue attracting top players will be hit by a ruling from British regulators that caps the amount pay-TV group BSkyB can charge rivals for its sports channels, the Premier League has said.

Sky said today it would take legal action against Ofcom after the media watchdog ruled it must offer its premium sports channels to rival broadcasters at a lower price.

Richard Scudamore, the Premier League chief executive, last night said the departure of his Football Association counterpart Ian Watmore was a source of "difficulty and disappointment" but denied that his members had contributed to it.

Football Association board members are to hold an emergency meeting at noon today after being thrown into turmoil by the resignation of Ian Watmore as chief executive.

The Premier League's proposal to introduce a play-off for the fourth Champions League place has stalled after clubs voted against looking into the idea for the time being.

Premier League clubs will have five more years to put their financial house in order before facing the possibility of expulsion from European competitions. The European Clubs' Association, which represents 144 clubs, has agreed new licensing rules with Uefa, under which clubs cannot spend more money than they receive; but figures will be worked out over a three-year period, not a single season, and no sanctions will be brought in until 2015.

Portsmouth owner Balram Chainrai has been told at a meeting with Premier League officials that they cannot bail out the financially-stricken club.

Portsmouth owner Balram Chainrai has been told at a meeting with Premier League chiefs that they cannot bail out the financially-stricken club.

David Gold, the co-chairman of West Ham United, has called on his counterparts in the Premier League and the league itself to help "save us from ourselves".

The Barclays Premier League has been urged to implement stricter financial regulations by Wigan chairman Dave Whelan.