Platini reveals plans to ensure "financial fair play"

UEFA is planning to implement regulations to ensure what UEFA president Michel Platini has called “financial fair play”.

Instead of relying on rich owners and beneficiaries, the clubs would “have to live by their means,” Platini said at a press conference Thursday after a summer where many clubs have been spending large amounts on players in spite of huge debts.

“We have everyone one on board with this, the owners, the players, the leagues, the national associations.”

“If a club can get loans from a bank to buy players and is able to pay back bank loans then it is not a problem. But if a club gets a lot of money or subsidies from a big backer and is still in deficit in two years, then it is a problem and we don’t want that,” Platini said.

An independent panel is to be set up to judge whether clubs have violated rules, and companies behind clubs can also be sanctioned.

The rules are currently being formulated and will not be in place before 2012.

SOURCE: Sports city