UEFA approves 'Financial fair play'

The ‘financial fair play’ concept put forward by UEFA president Platini last month, was approved this week at a UEFA Executive Committee meeting.

The aim of the concept is to improve the financial fairness in the European competitions by setting up at set of financial measures. One measure will be that clubs can not repeatedly spend more than their revenues.

A Club Financial Control Panel will be the controlling body implementing these measures over a three-year period. It will consist of financial and legal experts and conduct financial audits to ensure correct appliance of the UEFA club licensing system. The Panel will be chaired by former Belgium Prime Minister, Jean-Luc Dehaene.

UEFA President Michel Platini said: "The idea is not to hurt clubs. The idea is to help them. The basic premise is that clubs should not spend more than they earn. Club owners have asked for the introduction of rules, and this will be an adventure for European football and UEFA”.

SOURCE: UEFA