The European soccer governing body UEFA, has announced that it will review its Financial Fair Play (FFP) rules in September to see if a more effective system of checks and balances could be introduced to monitor and control spending.
The financial crisis in football was caused by the pandemic in which UEFA estimated that a total of £7.5b was lost by European clubs in revenue, and as a result, the organization wants news rules in place that will focus on the high levels of spending on wages and transfers.
The rules which were introduced in 2009 were meant to enable clubs to spend what they could afford.
However, the rules have been subjected to criticism as many in the game now think the rules are ineffective and not fit for purpose.
The governing body is also considering the introduction of a salary cap and a luxury transfer tax.
Any clubs breaching the salary cap would then have to pay a luxury tax with the proceeds redistributed to other clubs in European competitions or also face harsher sanctions such as disqualification from the European competitions.
In June, 2021 the organisation introduced emergency measures which allowed owners to put more money into clubs during the pandemic.
However, until the new rules are introduced, clubs will not be subjected to punishment for breaking the rules if they can prove that the losses incurred were due to the pandemic.
The proposals adopt a similar system already seen in the United States in both Major League Baseball and National Basketball Association (NBA).
UEFA's plan comes after Messi announced his departure from Barcelona on Tuesday, August 10.
The Argentine Forward joined French Club Paris Saint-Germain on a free transfer and has signed a two-year deal worth £25m per year.