UEFA backs Platini´s tough anti-debt measures

UEFA chief Michel Platini on Friday set out his plans to force Europe’s big-spenders to balance their books following a summer which saw mega-rich Real Madrid and Manchester City send transfer spending rocketing.

Some of Europe’s top clubs, including nine-times European champions Real Madrid, have accumulated huge debts during their respective campaigns for success on the field.

Real had an estimated debt of 500 million pounds (816m dollars) up to the end of the 2007-08 season, with financial experts estimating the Spanish giants will soon have a debt of around 800 million (1,306m dollars) following their summer spending spree.

On Friday, Platini unveiled his Financial Fair Play concept, aimed at improving the financial fairness in European competitions and the long-term stability of club football.

The plans include forcing clubs whose turnover is over a certain threshold, over a period of time, to balance their books and provide guidance on salaries and transfer spending.

“Financial Fair Play is crucial in order to promote the long term sustainability of European football and is entirely consistent with the sporting values we have in Europe,” said Platini.

“I have been asked by many clubs right across Europe to take action in order to protect our game.

“Now, thanks to the forward looking approach to develop these measures taken by all the stakeholders involved, including the national associations, the leagues, the players, and particularly the clubs, we are all in agreement.

“The principle has now been established and this is a major breakthrough. Now we will all have to work hard together over the coming months in order to put in place the all-important detail.”

Earlier Friday, Platini said an independent panel would be created to determine whether clubs had broken the rules.

Those deemed to have infringed the rules could face expulsion from the lucrative Champions League competition.

“The panel will refer any matter to the disciplinary committee and sanctions will be taken from a reminder to a fine to expulsion from the Champions League,” he told the BBC.

Top English club Chelsea reported losses of 65.7 million pounds (107m dollars) up to June last year while Red Football, the parent company of Manchester United, registered losses of 21 million pounds (34m dollars) last year and has a total debt of 575 million (938m dollars).

Platini added: “It’s mainly the owners that asked us to do something – Roman Abramovich, (AC Milan’s) Silvio Berlusconi, (Inter Milan’s) Massimo Moratti. They do not want to fork out from their pockets any more.

“I have told Mr Abramovich about this and he said nothing against it.”