London: UEFA President Michel Platini has praised the 72 Football League clubs for signing up to follow the Financial Fair Play system.
According to the system of regulations, clubs will have to reduce their debts levels and championship sides will now be allowed to spend only what they earn from the 2012-13 season.
In addition, League One and Two outfits will be unable to spend more than 55 per cent of their turnover on player wages.
Platini feels that the use of the new measures will see clubs operate within sensible restrictions.
“We are very happy to see Football League clubs taking the initiative on good governance,” A magazine quoted Platini, as saying.
If any of the 72 clubs fail to comply with the rules, they could be hit with a transfer embargo.
Clubs making significant infringements could even face point deductions if contraventions are sufficiently serious. (ANI)