Date: 11th June 2011 at 12:49pm
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The Football League have agreed ‘in principle’ to adhere to UEFA’s new financial fair play regulations.

Football League chairman Greg Clarke confirmed the news to BBC Sport

‘It will help our clubs exert greater control over their finances.

‘Much more work needs to be done, but I am hugely encouraged and impressed by the energy and focus of our clubs on this issue.’

The rules will prevent clubs from spending more than they make and encourage clubs in debt to balance the books.

At present, the total debt in Football League clubs totals an astonishing £72m with 80% of that in the Championship.

Should the rules go through, they will be adopted at the beginning of the 2012/13 season.