MOSCOW, Apr 7 The Executive Committee of the Union of European Football Associations (UEFA) approved a new financial regulations, according to the organization's website. The statement notes that UEFA will limit the cost of wages, transfers and agents' fees to 70% of clubs' income. Violations will result in predetermined financial and sporting sanctions. A no-debt rule (to football clubs, employees, social and tax authorities and UEFA) has also been approved, which will provide better protection to creditors. Monitoring will take place every quarter and there will be less tolerance for late payments.
Another innovation has been the increase in the tolerance from the break-even point from 30 million euros to 60 million euros in three years, however, the requirements to ensure the fair value of transactions, improving the balance sheet of clubs and reducing debt have been significantly enhanced.