The figures were released after a study of financial reports from 2012, the first of a two-year monitoring period to begin the FFP regime.

A total of 237 clubs, consisting of every side entered into the Champions League and Europa League this season, were assessed, and of that figure, 104 were considered exempt as their relevant income and expenses are under £4.1 million per year ($6.8 million/€5 million), while a further 57 were not requested to submit additional information.

However, according to the calculations, the remaining 76, so almost one third of clubs which entered the Champions League and Europa League this season, had a total deficit of almost £500 million ($838 million/€606 million.)

Although no clubs have not yet been identified, the more serious offenders will be notified in April with the first wave of sanctions also being handed out then.

UEFA then has a June deadline to publish verdicts ahead of the qualifying round draws for next season's competitions.

Clubs risk exclusion from future UEFA competitions for the most severe breaches of rules, designed to encourage them to break even on football-related trading, while lesser sanctions include warnings, the withholding of prize money and restrictions on registering players for UEFA competitions.

The announcement comes at a time when European players are busy concluding their domestic and Champions League campaigns ahead of the World Cup this summer ©Popperfoto/Getty Images




Several clubs are expected to challenge their sanctions at the Court of Arbitration for Sport (CAS) before the group stage draws in late August.

Gianni Infantino, UEFA secretary general, explained how the organisation is "in this respect taking the lead in order to protect European football from greed, from reckless spending, and financial insanity", while legal director Alasdair Bell admitted the likeliness of appeals.

"It would be strange if they weren't [appealed]," he said before anticipating that "July and August could be a busy time" and that "we are not afraid of them being contested."

The FFP rules, first introduced in 2009, were brought in to prevent professional football clubs spending more than they earn in the pursuit of success and in doing so getting into financial problems which might threaten their long term survival.

The rules have been in operation ever since the 2011-2012 season but it is only now their impact is being felt more strongly.