UEFA, European football's governing body, has said that its new financial fair play rules will help to ensure the sport's long-term stability.

Phased implementation of the regulations will take place over a three-year period, with the main element - a break-even requirement - to come into effect for the period ending 2012. Initial sanctions against clubs failing to balance their books by the end of 2012 can be taken during the 2013-14 season if necessary.

UEFA president Michel Platini said: "It is a complex project, but one which I consider vital for football's future."