Football clubs with large debts will not be allowed to play in the Champions League and UEFA Cup under new UEFA plans, the Daily Telegraphreported today.
European soccer's governing body plans to force clubs to bring their expenditure in line with income by reducing salaries, cutting staff and raising ticket prices.
UEFA chief executive Gerhard Aigner said that excessive spending is giving clubs an unfair advantage over rivals who keep their books in order.
The paper said that UEFA have been alarmed by the financial problems of some of the continent's leading clubs.
Eight times European champions Real Madrid were recently reported to be $215 million in debt, AS Roma have been investigated by Italian fiscal authorities, and AC Milan were this week reported to be in danger of bankruptcy with debts approaching $145 million.
Details of UEFA's proposed licensing scheme were passed on by Aigner to Spanish and English officials earlier in the week.
The license, scheduled to come into force in 2004, will be administered by national associations with guidelines laid down by UEFA.
"There will be rules in place to protect others who are sticking to the rules and disciplining themselves compared to the excessive ones," Aigner was quoted as saying.