UEFA looking to shut down 'FFP loophole' following Chelsea's long-term signings
FollowChelsea has been the busiest club in the ongoing January transfer market, signing new players and binding them to long-term contracts. Consequently, UEFA is looking to shut down the loophole in its FFP to stop clubs from doing so.
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English giants Chelsea has engaged in heavy transfer activities in the ongoing January window, signing some players. Its transfers have been notable because it is tying its players to substantial long-term contracts, making fans and pundits scratch their heads. And the reason for it is the loophole in the Financial Fair Play (FFP) regulations by the Union of European Football Associations (UEFA), allowing clubs to apply the transfer fees over the contract's length. Mykhailo Mudryk signed an eight-and-a-half-year contract with The Blues, making him the longest-contracted player in the English Premier League (EPL) history, as the club spent £80 million over the length.
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As per The Times, quite some clubs have raised concerns about Chelsea's long-term contract, and UEFA is working on limiting the warranties to five years. Although The Blues are not the first to do so, given their spending spree this month has prompted some unnamed clubs to reach out to the European governing body of the sport to gain some control over the situation.
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Although UEFA rules don't allow a club to hand a player contract that exceeds five years, individual country's law, especially in the United Kingdom (UK), is one thing the European body has no control over, allowing Chelsea to make the most out of it. While The Blues can still enjoy the loophole for this window, UEFA intends to correct it by the summer window this year. It ensures that the clubs refrain from attracting financial problems by committing to unsustainable long-term expenditures.
