Platini plans new rules for spending

UEFA PRESIDENT Michel Platini yesterday unveiled plans for financial reforms that could see the Premier League’s big spenders forced to change their habits or face possible exclusion from European football.

Platini’s vision is for all clubs in European competition to be made to only spend what they earn in football revenues — and claims he has the backing of Chelsea owner Roman Abramovich.

The rules would also outlaw ‘sugar daddies’ such as Manchester City’s owner Sheikh Mansour from making huge gifts of cash to their clubs.

Platini, speaking in Monaco, said the details of the plan were still to be agreed with clubs but the rules would be implemented in 2012.

He said: “We have three years to help the clubs by saying you cannot spend more than you earn.

“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 like that.”

Platini accepted that the differences in tax systems and stadium ownership varied hugely across the continent.

Chelsea look to be the Premier League club most at risk from the new rules as they recorded a £65.7m loss up to June last year.

Platini said however: “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 any more.

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

UEFA would also look at losses incurred by clubs’ parent companies who have to service huge loans — and that spells bad news for English clubs.

Red Football, United’s parent company owned by the Glazer family, recorded a £21million loss last year while Kop Holdings, Liverpool’s parent company, lost £41m.

Debts incurred to build stadia or invest in youth set-ups would not be subject to the same restrictions, so Arsenal would not suffer from the £318m debt they took on to build the Emirates. UEFA deputy general secretary Gianni Infantino is the man in charge of formulating the detailed plans and he said sanctions would depend on the size of a club’s losses.