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Appropriate regulations have been put in place. The UEFA Club Financial Control Panel ̢̢̮ââ¬Å¡Ã¬Ã¢â∠â chaired by former Belgian Prime Minister Jean-Luc Dehaene ̢̢̮ââ¬Å¡Ã¬Ã¢â∠â has been set up to monitor and ensure that clubs across UEFA’s member association adhere to the financial fair play requirements included in the regulations. The concept will be implemented over 2010, 2011 and 2012. Fair play criteria will become mandatory from the beginning of the 2013/14, when the Club Financial Control Panel can start pronouncing sanctions against clubs based on financial statements from the 2011/12 and 2012/13 reporting periods,
Under the financial fair play concept and the regulations, clubs will be encouraged to operate on the basis of their own revenues and not spend more than their income. Clubs should also settle their liabilities with players, authorities and other clubs in a punctual manner. In addition, they will have to provide information about future financial planning.
The result should be a more disciplined approach by clubs towards their finances. Long-term investment favouring youth development and improvement of club installations should take precedence over short-term speculative spending.
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Mr Platini underlined that the European Club Association, grouping major European clubs, had asked for the financial fair play rules to be put in place. "The clubs therefore know perfectly well what they will have to face from now on," he explained. "We have had years of anarchy before, and there was a need to put proper rules in place."
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Appropriate regulations have been put in place. The UEFA Club Financial Control Panel ̢̢̮ââ¬Å¡Ã¬Ã¢â∠â chaired by former Belgian Prime Minister Jean-Luc Dehaene ̢̢̮ââ¬Å¡Ã¬Ã¢â∠â has been set up to monitor and ensure that clubs across UEFA’s member association adhere to the financial fair play requirements included in the regulations. The concept will be implemented over 2010, 2011 and 2012. Fair play criteria will become mandatory from the beginning of the 2013/14, when the Club Financial Control Panel can start pronouncing sanctions against clubs based on financial statements from the 2011/12 and 2012/13 reporting periods,
Under the financial fair play concept and the regulations, clubs will be encouraged to operate on the basis of their own revenues and not spend more than their income. Clubs should also settle their liabilities with players, authorities and other clubs in a punctual manner. In addition, they will have to provide information about future financial planning.
The result should be a more disciplined approach by clubs towards their finances. Long-term investment favouring youth development and improvement of club installations should take precedence over short-term speculative spending.
Sponsored Links
Mr Platini underlined that the European Club Association, grouping major European clubs, had asked for the financial fair play rules to be put in place. "The clubs therefore know perfectly well what they will have to face from now on," he explained. "We have had years of anarchy before, and there was a need to put proper rules in place."
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