UEFA edges closer to implementing financial restrictions

European football clubs are bracing themselves for a series of financial reforms which UEFA is considering enforcing across the region.

The changes will begin a crackdown on transfers in youth markets, and will initially look to remedy the financial disparities between European clubs.

However European Clubs are resisting UEFA on several issues, including the implementation of salary caps.

“Do we want to see financial responsibility, do we want to see… clubs healthy - of course we do,” said Liverpool chief executive Fred Parry. “What we can’t want to see in England is a dumbing down, we don’t want to be penalised for the success of the Premier League.”

English clubs are currently amongst the worst offenders in Europe when it comes to overspending, with debt in the Premier League exceeding 3 billion pounds, with much of this debt held by the so called ‘big four’.

The culture of debt amongst big clubs effectively penalises smaller clubs who use their financial resources more conservatively, as they are unable to compete for top players in the transfer markets.

“We all agree there is a problem, but there are no simple solutions,” said Karl-Heinz Rummenigge, chairman of the European Clubs Association.