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Uefa are set to completely change their Financial Fair Play rulings at the end of this year in order to "correct some of the injustices" it has caused since it was introduced in 2009.
The rules were originally established to create more financial stability and sustainability throughout the European football leagues as they encouraged clubs to only break even meaning they were only able to spend what they can afford.
However, there is a widespread belief across the footballing world that these rules are virtually obsolete and are poorly enforced across the board.
Financial Fair play was particularly brought to light after Paris Saint-Germain signed Lionel Messi this week.
However PSG president Nasser Al Khelaifi said: "We have followed Financial fair play regulations since day 1. Before we do anything, our financial team checks everything. We had the capacity to sign Messi for Financial Fair Play and we will always follow the rules".
Since the start of the pandemic, UEFA have conducted an internal review of its Financial Fair Play rules and has concluded that there must be a greater focus on the extortionate levels on spending on wages and transfers.
As a result, there have been suggestions that there will be new measures such as salary caps and luxury tax on transfers.
UEFA have recently estimated that clubs across Europe have lost £7.5 billion due to the coronavirus pandemic.
The UEFA president Aleksander Ceferin said: "I have read...that we are planning to abolish financial fair play. Let me be clear: that is not going to happen.
"However, we do need to adapt it to the new reality. We need to encourage and release investments.
"We need to correct some of the injustices that Financial Fair Play may indirectly bring about in the current circumstances."
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