Michel Platini has warned that Europe's biggest clubs will have to "face the music" if they do not comply with UEFA's new financial fair play rules.
UEFA's latest figures show that financial problems affecting European clubs are getting worse, with spending on player wages up almost 10% - and increasing at a faster rate than income.
Under their new rules, clubs will face possible bans from European competition from the 2014/15 season if they spend more than they earn in the three years before.
Manchester City's recent £121million losses mean they are the club in England facing the greatest difficulty to abide by the rules - even though owners are also allowed to inject £12million a year (15m euro) into their club.
Platini, speaking at UEFA's headquarters in Nyon, Switzerland, said: "If a club doesn't fall in line and follow the same rules as everyone else then it will be time to face the music.
"Certainly it is not something we want to see.
"Our objective is not to put clubs into financial difficulty. Financial fair play is to help them escape from this devilish spiral and have a viable economic strategy in the long term.
"This is not a witch-hunt, this is so they no longer continue blindly and mindlessly."
Manchester City have already sent officials to meet UEFA about complying with the financial rules.
Andrea Traverso, UEFA's head of licensing, said: "We are in talks with the club - they are aware of the rules and they probably have a strategy to raise their income.
"They have been to see us and they are confident that they can manage this challenge."
Platini added: "Last year in Abu Dhabi I met up with the owner of Manchester City and he promised they would live with the rules and regulations."
UEFA rules guide
:: Clubs could be banned from European competition from the 2014/15 season onwards if they do not comply with the new rules.
:: The rules state clubs must break even over a three-year period - ie not repeatedly spend more than they earn.
:: Club owners will be allowed to put in up to 15million euro a year but only as equity, not a loan. This figure will then drop to 10million euro annually.
:: Clubs will be able to spend as much as they want on stadiums, training facilities and youth football.
:: UEFA will have a range of sanctions from warnings to a transfer ban to exclusion from European tournaments.
:: Across Europe, total club income in 2009 rose 4.8% to 11.7billion euros (£9.7billion) but expenditure was a 9.3% increase to 12.9billion euros (£10.7billion), making a 1.2billion euro (£1billion) deficit.
:: Most of the expenditure goes on player wages and one in three European clubs spent 70% or more of their income on salaries.
:: More than half of European clubs - 56% - ended 2009 in the red.
:: One in four clubs spent £6 for every £5 they earned.
:: A drop in transfer activity has reduced income by 5% to clubs in Scotland, France, Portugal and Holland.
:: English top-flight clubs are comfortably the richest in Europe with average revenue of 122million euros (£101million) - five times higher than Holland and Russia. Germany is second with average earnings of 86million euro (£71million).
:: Scottish top-flight clubs' average revenue in 2009 was 16m euro (£13.3million), the Republic of Ireland's 1.3m (£1.08m), Northern Ireland 0.7m (£580,000), Wales 0.3m (£250,000).
:: Clubs will be monitored if there are warning signs such as: recording a loss in any year; spending more than 70% of revenue on wages; having overdue football-related payments or tax debts; high level of debts.
:: As with a tax declaration, the onus is on the clubs to provide the correct information to UEFA and they will be subject to spot-checks and face sanctions if they do not do so.
:: National associations will initially grant the licences but UEFA will have spot-checks to make sure that the rules are being applied correctly.
Clicky
UEFA's latest figures show that financial problems affecting European clubs are getting worse, with spending on player wages up almost 10% - and increasing at a faster rate than income.
Under their new rules, clubs will face possible bans from European competition from the 2014/15 season if they spend more than they earn in the three years before.
Manchester City's recent £121million losses mean they are the club in England facing the greatest difficulty to abide by the rules - even though owners are also allowed to inject £12million a year (15m euro) into their club.
Platini, speaking at UEFA's headquarters in Nyon, Switzerland, said: "If a club doesn't fall in line and follow the same rules as everyone else then it will be time to face the music.
"Certainly it is not something we want to see.
"Our objective is not to put clubs into financial difficulty. Financial fair play is to help them escape from this devilish spiral and have a viable economic strategy in the long term.
"This is not a witch-hunt, this is so they no longer continue blindly and mindlessly."
Manchester City have already sent officials to meet UEFA about complying with the financial rules.
Andrea Traverso, UEFA's head of licensing, said: "We are in talks with the club - they are aware of the rules and they probably have a strategy to raise their income.
"They have been to see us and they are confident that they can manage this challenge."
Platini added: "Last year in Abu Dhabi I met up with the owner of Manchester City and he promised they would live with the rules and regulations."
UEFA rules guide
:: Clubs could be banned from European competition from the 2014/15 season onwards if they do not comply with the new rules.
:: The rules state clubs must break even over a three-year period - ie not repeatedly spend more than they earn.
:: Club owners will be allowed to put in up to 15million euro a year but only as equity, not a loan. This figure will then drop to 10million euro annually.
:: Clubs will be able to spend as much as they want on stadiums, training facilities and youth football.
:: UEFA will have a range of sanctions from warnings to a transfer ban to exclusion from European tournaments.
:: Across Europe, total club income in 2009 rose 4.8% to 11.7billion euros (£9.7billion) but expenditure was a 9.3% increase to 12.9billion euros (£10.7billion), making a 1.2billion euro (£1billion) deficit.
:: Most of the expenditure goes on player wages and one in three European clubs spent 70% or more of their income on salaries.
:: More than half of European clubs - 56% - ended 2009 in the red.
:: One in four clubs spent £6 for every £5 they earned.
:: A drop in transfer activity has reduced income by 5% to clubs in Scotland, France, Portugal and Holland.
:: English top-flight clubs are comfortably the richest in Europe with average revenue of 122million euros (£101million) - five times higher than Holland and Russia. Germany is second with average earnings of 86million euro (£71million).
:: Scottish top-flight clubs' average revenue in 2009 was 16m euro (£13.3million), the Republic of Ireland's 1.3m (£1.08m), Northern Ireland 0.7m (£580,000), Wales 0.3m (£250,000).
:: Clubs will be monitored if there are warning signs such as: recording a loss in any year; spending more than 70% of revenue on wages; having overdue football-related payments or tax debts; high level of debts.
:: As with a tax declaration, the onus is on the clubs to provide the correct information to UEFA and they will be subject to spot-checks and face sanctions if they do not do so.
:: National associations will initially grant the licences but UEFA will have spot-checks to make sure that the rules are being applied correctly.
Clicky
from now on I will skip talking about our finances. That is a promise and will save myself from looking like a 
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