Man City, PSG among 76 clubs facing sanctions for breaching UEFA's financial fair play rules
The clubs, whose number equates to about one third of the total of clubs in European competition this season, all failed the body's break-even calculations for 2012 and have been asked to provide financial information for 2013.
According to the Mirror, if clubs make losses of over 45 million euros, then the Club Financial Control Body can sanction them as they would have made breaches of the FFP rules.
The sanctions may range from a warning or a fine up to being forced to play in Europe with a salary cap on the squad, or even being barred from competing and having trophies stripped and will apply from the start of next season and the report added that UEFA will name the clubs that are facing possible action in April this year.
Some clubs will be offered settlements if they agree to certain conditions, but clubs who have been found to have severely breached the conditions will be referred to the adjudicatory arm of the financial control body which will announce sanctions in the middle of June.
The report mentioned that the only appeals will be straight to the Court of Arbitration for Sport and UEFA expects final decisions will be made before the Champions League and Europa League group draws in August.
UEFA general secretary Gianni Infantino said that the rules are necessary to 'protect European football from greed, reckless spending and financial insanity'. (ANI)