UEFA sets rules to curb European soccer clubs’ spending, impose limits on wealthy owners
By Graham Dunbar, APThursday, May 27, 2010
UEFA sets rules to curb soccer clubs’ spending
NYON, Switzerland — UEFA has passed rules designed to curb European soccer clubs’ excessive spending, and end an era of so-called “financial doping.”
UEFA’s ruling executive agreed on Thursday to set limits on wealthy club owners subsidizing losses incurred by paying high transfer fees and salaries.
Owners will be allowed to cover losses of up to a maximum of $55 million over an initial three-year period, starting in 2012.
UEFA wants clubs to break even by spending only what they earn from soccer-related income.
Clubs which fail to balance their books can be barred from playing in the Champions League — the world’s most lucrative club soccer competition.
UEFA said sanctions are possible for the 2014-15 season.
It will publish detailed rules next month.
