Reuters reports that the key rules are that clubs will only be allowed to enter European competition if they are breaking even – if money from sources including TV rights, gate receipts and sponsorship is equal to or greater than their expenditure; and clubs are barred from owning money to other clubs, players, tax authorities and social service departments.
The system will be phased in and the first time a club could theoretically be banned from European competitions is 2014/15.
"[The rules] are there not to punish clubs, they are there to help clubs,” said Uefa general secretary Gianni Infantino. “We don't want to kill anyone, this is why we have a phased-in approach.”
The European Clubs Association, representing Europe's professional clubs, welcomed the rules.
"This is really a huge achievement," said ECA president Karl-Heinz Rummenigge. "The measures will shape the future of European football into a more responsible business and ultimately a more sustainable one."
