KEIR RADNEDGE in MONTE CARLO: European federation officials are delighted with the progress being made with the financial fair play initiative.
The concept, a brainchild of president Michel Platini, was to force Europe’s clubs to balance their books with particular reference to the explosion in wages bills which – in some cases – outstripped general revenues.
English champions Manchester City are competing in the Champions League this season with a squad reduced from 25 to 21 players as a punishment for failing to adhere to the rules and regulations.
On the eve of the draw here Platini said: “With financial fair play UEFA has shown that it can shoulder its responsibilities and that the set-up works.
“Since the introduction of financial fair play, the accumulated losses of European professional clubs has been reduced from €1.7bn to €800m which is more than half.
“This proves that we are on the right track and that we are moving from a vicious to a virtuous circle at the business model of most European clubs. The clubs are playing the game.”
Platini acknowledged the support for his campaign from the European Club Association and its chairman Karl-Heinz Rummenigge.