UEFA have approved plans to bar high-rolling Barclays Premier League clubs from the Champions League if they spend beyond their means.
Michel Platini has got his way on 'financial fair play' rules that in principle will ban clubs from spending more than they make from their revenues.
The aim is to end the trend of rich owners buying into the game and transforming the fortunes of a club, as has been the case at Chelsea under Roman Abramovich Manchester City under Abu Dhabi billionaire Sheik Mansour.
Manchester United, Liverpool, Chelsea and Arsenal kick off the group stages of the Champions League this week knowing they will be under more scrutiny from 2012-13, thanks to the decision by the UEFA executive committee.
Platini, president of European football's governing body, has been accused of particularly trying to break England's dominance in Continental competitions.
The new rules would also be applied to the Europa League and across clubs from all associations.
"We don't want to kill or hurt the clubs, on the contrary we want to help them in the market," said Platini.
"The teams who play in our tournaments have unanimously agreed to our principles.
"The owners are asking for rules because they can't implement them themselves, many of them have had it with shoveling money into clubs and the more money you put into clubs, the harder it is to sell at a profit."
UEFA believe current levels of spending cannot be sustained, but their new rules will only be applied to their competitions rather than domestic championships.
The Premier League have agreed new financial reporting methods that will help to monitor when clubs might be hitting trouble.
There will even be powers for the League to veto transfers if the board does not feel they are viable.
But linking expenditure to income, as with the UEFA plan, has been rejected.
UEFA have appointed former Belgian Prime Minister Jean-Luc Dehaene to lead its campaign to control excessive spending by Europe's top football clubs.
Dehaene, who led Belgium's government from 1992-99, will be the chairman of UEFA's Club Financial Control Panel.
The panel will monitor the accounts of clubs which play in the Champions League and Europa League. It will include about nine experts who are independent from clubs or leagues.
Michel Platini has got his way on 'financial fair play' rules that in principle will ban clubs from spending more than they make from their revenues.
The aim is to end the trend of rich owners buying into the game and transforming the fortunes of a club, as has been the case at Chelsea under Roman Abramovich Manchester City under Abu Dhabi billionaire Sheik Mansour.
Manchester United, Liverpool, Chelsea and Arsenal kick off the group stages of the Champions League this week knowing they will be under more scrutiny from 2012-13, thanks to the decision by the UEFA executive committee.
Platini, president of European football's governing body, has been accused of particularly trying to break England's dominance in Continental competitions.
The new rules would also be applied to the Europa League and across clubs from all associations.
"We don't want to kill or hurt the clubs, on the contrary we want to help them in the market," said Platini.
"The teams who play in our tournaments have unanimously agreed to our principles.
"The owners are asking for rules because they can't implement them themselves, many of them have had it with shoveling money into clubs and the more money you put into clubs, the harder it is to sell at a profit."
UEFA believe current levels of spending cannot be sustained, but their new rules will only be applied to their competitions rather than domestic championships.
The Premier League have agreed new financial reporting methods that will help to monitor when clubs might be hitting trouble.
There will even be powers for the League to veto transfers if the board does not feel they are viable.
But linking expenditure to income, as with the UEFA plan, has been rejected.
UEFA have appointed former Belgian Prime Minister Jean-Luc Dehaene to lead its campaign to control excessive spending by Europe's top football clubs.
Dehaene, who led Belgium's government from 1992-99, will be the chairman of UEFA's Club Financial Control Panel.
The panel will monitor the accounts of clubs which play in the Champions League and Europa League. It will include about nine experts who are independent from clubs or leagues.
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