The Club Financial Control Board of European football governing body UEFA have imposed sanctions, including a €60m fine, on English Premier League club Manchester City and Ligue 1 club Paris St. Germain for failing to meet requirements of the Financial Fair Play regulations this season.

The two clubs, among nine clubs found wanting under the FFP regulations, would pay a €60m each over the next three years and also will be unable to spend more than €60m in the next transfer window; from June till August 31.

However, both clubs can be repaid as much as €40m of the €60m fine only if they attain break-even figures by the end of the 2014/15 season; a requirement both clubs are likely to meet.

Other sanctions imposed on both clubs are a restriction to the number of players the duo can name in their Champions League squad, with both now set to be allowed to register only 21 players each; including eight home-grown players, instead of 25 players each.

Both clubs are also now required to keep the wage bill of their next Champions League squad from rising from what it was this season, with the wage bill of the PSG squad reportedly about €240m.

According to a statement on the Manchester City website, ”the wage bill of the whole club (playing and non-playing staff) for 2014-15 will need to remain at the same level as that of 2013-14 season. It is important to note that additional bonuses for performances
can be paid outside this number.”

”The nature of conditions that will result in the lifting of sanctions means that the Club expects to be operating without sanction or restriction at the commencement of the 2015-16 season.”

The Financial Fair Play rules were introduced by UEFA three years ago with the intention of curbing excessive spending in the transfer market and reducing the debts incurred by European clubs.