Plans to introduce a new set of regulations to improve financial parity between football clubs across Europe have been approved by the executive committee of the continent's governing body.

Union des Associations Européennes de Football's (UEFA) Financial Fair Play concept aims to ensure the long-term stability of club football, including an obligation for clubs to break even by not spending more than is generated in revenue. The strategy, which is also designed to promote long-term investment in youth development and upgraded facilities, received the backing of UEFA's executive committee at a meeting in Nyon, Switzerland.

UEFA president Michel Platini said: "The idea is not to hurt clubs. The idea is to help them. The basic premise is that clubs should not spend more than they earn. Club owners have asked for the introduction of rules, and this will be an adventure for European football and UEFA."