Uefa president Michel Platini has revealed that football is running at an annual loss of €1.4billion.
Uefa chief once again blasts clubs for overspending
Uefa president Michel Platini has revealed that football is running at an annual loss of €1.4billion (£1.2b) and has reiterated that clubs should not be allowed to spend more than they earn.
The Frenchman was speaking in Milan on Monday while collecting the Giacinto Facchetti International Prize for services to football and insisted that overspending in football needs to stop before it is too late.
"People all over the world are tightening their belts just now, so I cannot understand why football clubs continue to suffer such heavy losses," said Platini.
"You cannot spend more than you earn. Professional football is currently losing €1.4b a year.
"And I am the mug that said that this has to stop."
Uefa's financial fair play rules have been brought in by Platini as a means of stopping clubs from racking up too much debt, and failure to comply could lead to clubs being banned from European competition from 2014/15.
No video technology
Platini also maintained his stance against using video technology in football.
"I don't know if (Fifa president) Blatter will ever experiment with additional assistants," said the 56-year-old.
"Maybe he is not convinced, it wasn't his idea. I think it is a good idea, I am against technology in sport.
"Justice does not come from television cameras."
