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Rangers and Celtic on alert as 'luxury tax' penalty headlines UEFA's Financial Fair Play revamp

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dailyrecord.co.uk

UEFA look set to overhaul the Financial Fair Play system which would see salaries capped and a 'luxury tax' levelled on clubs who break that cap.

The governing body introduced new restrictions in 2011 which forced clubs to break even over a three-year period, promising sanctions on those who failed to comply.Then president Michel Platini sold it as a way to safeguard the future of football, with clubs operating at huge losses, and by the 2016-17 season clubs across Europe's top flights had a net profit of £545million.

Some viewed the measures as a way of elite clubs curbing the spending power of ambitious owners after Qatar took over Paris Saint-Germain and Abu Dhabi bought Manchester City.

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