UEFA Approves Financial Fair Play Concept

UEFA's Executive Committee has approved the Financial Fair Play concept.

UEFA's Executive Committee has approved the Financial Fair Play concept for the well-being of European club football. The committee gave the green light at its meeting in Nyon following recommendations made in August by the Professional Football Strategy Council (PFSC).

The major objective of the Financial Fair Play concept is to improve the financial fairness in European competitions, as well as the long-term stability of European club football. In order to achieve this goal, a set of measures will be put in place.

These include an obligation for clubs whose turnover is over a certain threshold, over a period of time, to balance their books or break even. Under the concept, clubs cannot repeatedly spend more than their generated revenues. Guidance will be given on salaries and transfer spending, indicators provided on the sustainability of the levels of debt, and clubs will be obliged to honour their commitments at all times.

"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," Michel Platini was quoted as saying by UEFA.com.