UEFA plots end to massive debts with finance plan

NYON, Switzerland: Conspicuous spending by mega-rich clubs could soon be a thing of the past after UEFA on Tuesday ratified a new initiative obliging European clubs not to spend beyond their means.

UEFA's 'Financial Fair Play' concept, which was ratified by the its Executive Committee on Tuesday, will prevent indebted clubs from competing in European cup competitions and is set to come into force in 2012.

At a time of global financial insecurity the European football market appeared an oasis of fiscal optimism this summer, with transfer records being broken at an unprecedented rate.