Michael Platini’s ‘Financial Fair Play’ plan could threaten a number of top European clubs. The Uefa president believes that over a period clubs should not be able to spend more than they earn. Some of Europe’s leading clubs have built up big debts and could face exclusion from the Champions League. One could think that was a case of Uefa shooting itself in the foot, but that is not an unknown phenomenon.
Michael Platini’s ‘Financial Fair Play’ plan could threaten a number of top European clubs. The Uefa president believes that over a period clubs should not be able to spend more than they earn. Some of Europe’s leading clubs have built up big debts and could face exclusion from the Champions League. One could think that was a case of Uefa shooting itself in the foot, but that is not an unknown phenomenon. Uefa’s only public statement on the subject so far is vague, saying there is ‘an obligation for clubs whose turnover is over a certain threshold, over a period of time, to balance their books or break even.’
The rules will be framed by an independent 11-person Club Financial Control Panel, chaired by the former prime minister of Belgium, Jean-Luc Dehaene. He was once blocked by the UK from becoming president of the European Commission because of his lack of belief in the market. The aim is to introduce the rules in the 2013-14 season. Both the panel and Platini accept that debt cannot be outlawed, but want it to be manageable if it is on a club’s books. Uefa are aware that if they banned most of the biggest clubs from the competition there would be danger of a breakaway league. They also accept that its rules are susceptible to legal challenges.
The leading debtor clubs are:
- Manchester United, £727m
- Real Madrid, £629m (Real themselves say only £296m)
- Barcelona, £436m
- Internazionale, £386m
- AC Milan, £348m
- Arsenal, £297.7m
- Liverpool, £240m (apx)
- Juventus, £147m
- Roma, £136m
- Bayern Munich, £96m
- Chelsea and Manchester City, zero