Uefa president Michel Platini has spelt out his plan for financial reform of European club football, which would draw the curtain on the era of rich investors funding transfer spending sprees.
Reuters reports that Platini would restrict clubs to spending what they earn in football revenues. He said that wealthy club owners, including Chelsea’s Roman Abramovich, were behind the plan.
“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,” said Platini. “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.”
An independent panel would be created to decide whether clubs had broken the rules, and club parent companies would also come under scrutiny, for losses incurred servicing loans.
Uefa deputy general secretary Gianni Infantino said any sanctions would depend on the size of a club’s losses.
The rules are currently being formulated by Uefa and will not be in place before 2012.