UEFA’s Financial Fair Play initiative has closed a final loophole and received the go-ahead from the European Union to be implemented.
Under Michel Platini’s proposal, clubs will now be required over the coming seasons to fall into stricter guidelines with regards the amount of money they spend each year.
UEFA’s Financial Fair Play initiative has closed a final loophole and received the go-ahead from the European Union to be implemented.
Under Michel Platini’s proposal, clubs will now be required over the coming seasons to fall into stricter guidelines with regards the amount of money they spend each year.
From 2013-14 they will be monitored for the previous three years and where appropriate penalised, in a system described by UEFA as ensuring clubs ‘live within their means’.
“Our statement confirms that UEFA's Financial Fair Play regulations are fully consistent with EU State aid policy,” declared Platini on Wednesday, in a joint statement issued with the European Commision’s Vice-President Joaquin Almunia, who will be working on FFP.
Today’s news now means that clubs have little manoeuvrability in challenging the scheme or any subsequent findings from UEFA.
The current 2011-12 season is the first in which clubs across Europe must start to fall into FFP’s new guidelines. Inter President Massimo Moratti has insisted that the Nerazzurri’s transfer strategy since winning the treble in 2010 has been affected by the intention to follow FFP.