Platini gets tough on the big spenders in Europe

The financial fair play rules will require clubs to break even over a rolling three-year period if they want to play in the Champions League or Europa League.

Clubs will also be assessed on a risk basis, taking into account "debts and salary levels", UEFA say.

Platini, speaking after UEFA's executive committee had approved the rules at a meeting in Nyon, Switzerland, said: "We have worked on the financial fair play concept hand-in-hand with the clubs, as our intention is not to punish them, but to protect them.

"We have an agreement with the clubs. The philosophy is that you cannot spend more money than you generate.

"This approval today is the start of an important journey for European football's club finances as we begin to put stability and economic common sense back into football."

There will be some leeway granted for the six years after 2012 but some Premier League clubs, notably Manchester City, Chelsea and Aston Villa could still fall foul of the rule unless they change their spending habits. Manchester United have carried out a 'dummy test' and believe they would pass the rules despite huge debts.