By Andrew Warshaw
February 2 – UEFA has issued a fresh reminder about overspending following the record-breaking January transfer window in the Premier League, including Fernando Torres’ £50 million ($81 million) move from Liverpool to Chelsea.
UEFA’s new financial fair play rules come into force in 2012-2013, with teams in European competitions having to break even over a rolling three-year period during which time they will only be allowed to incur losses of €45 million (£38 million/$62 million).
English clubs spent £225 million ($364 million) in the recent window, half of it by Chelsea and Liverpool.
Chelsea are confident they can halve their current losses of £70.9 million ($114.7 million) in the next financial year and UEFA will turn a blind eye to spending provided the books can be balanced by the requisite time.
But they warned no club would exonerated from sanctions if they fail to comply with the new regulations.
“There is no doubt that transfers made now will impact on the break-even results of the financial years ending 2012 and 2013 – the first financial years to be assessed under the break-even rule,” said European football’s governing body.
The unprecedented amount of winter spending seems certain to be discussed at next week’s meeting in Geneva of the European Club Association, representing over 100 clubs across the Continent.
AC Milan vice-president Adriano Galliani has already hit out at English teams for their “crazy” spending though Tottenham Hotspur, Milan’s next Champions League opponents, ironically spent nothing.
“Everyone’s talking about balancing the books but then they spend like crazy people,” said Galliani.
“[Chelsea] strengthened in an amazing way spending €80 million (£68 million/$111 million), I just don’t know where financial sense will end up.”
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