Michel Platini says "the values that football
represents are in danger" and told the European parliament in
Brussels that UEFA are considering enforcing a cap on the
expenditure of clubs.
The UEFA president has been an outspoken critic of the frivolous
spending by Europe's elite clubs - much of which is based on
borrowed credit or the personal spending of wealthy benefactors -
and insists it is the clubs themselves who have requested the
move.
"European clubs are currently telling us that our system is in
danger of financially imploding in the medium term," the
53-year-old former France captain said.
"In consultation with them, but also, I should remind you,
spurred on by the reports of this parliament, we are currently
looking at the idea of limiting, to a certain degree, a club's
expenditure on staff - salary and transfer fees combined - to an as
yet undecided percentage of its direct and indirect sporting
revenue."
Platini hinted discussions over a salary cap were accelerated by
one club's "astronomical bids" during the January transfer window.
It is believed he was referring to Manchester City, who are owned
by Sheikh Mansour's Abu Dhabi United Investment Group, and their
bid for AC Milan's Kaka.
City tabled a reported bid of £90million (Euros 100million) for
the Brazilian, offering wages in excess of £250,000 per week but
the playmaker opted to stay at the San Siro.
"During this year's festive season, one club which had suddenly
become very rich made various astronomical bids in the transfer
market," Platini added.
"Of course, there was a tremendous outcry in the football
family, people called it outrageous and scandalous.
"Is it morally acceptable to offer such sums of money for a
single player? Many people have responded by talking about limiting
players' wages by introducing a European salary cap."
Platini stressed even the likes of Real Madrid and Manchester
United - two of the world's leading clubs - are not immune to the
global economic downturn and regulation must be put into force.
He added: "For the past 15 or 20 years, we have grown tired of
hearing that there is no need to regulate, that the market
regulates itself perfectly, that excesses and imbalances will
disappear of their own accord, and that the growth of income in
football is an endless upward spiral.
"We now know that none of this is true: that in football as in
the economy in general, the market is incapable of correcting its
own excesses, and it was not the UEFA president who said so, it was
(United States president) Barack Obama."
Platini stressed this was "only the beginning of the discussion"
and any legislation limiting spending would only come into force
"on a consensual basis and with a view to strengthening this
system".
And the former Juventus playmaker pleaded with the European
parliament to help UEFA in its bid to make football more
financially stable despite labour laws which currently promote free
trade.
"Whatever happens, please do not stop us, on the basis of
inappropriate legislation, from establishing financial fair play,"
he added.
"Do not stop us from putting in place mechanisms that foster the
integrity of our competitions and more transparency in the
management of our affairs.
"Do not stop us from acting morally. Especially when all the
stakeholders - clubs, players and national associations - agree
with my proposals for greater financial transparency and better
governance."