MILAN (Reuters) - Former European champions AC Milan welcomed new rules that will limit spending by top clubs that were agreed by UEFA on Thursday.
Chief Executive Ivan Gazidis underlined the importance of making sure that soccer was financially sustainable.
Clubs will be limited to spending no more than 70% of their revenue on their squads under the new regulations that replace the Financial Fair Play system. The 70% figure will be reached after a three year transition period. He said AC Milan, now owned by U.S. investment group Elliott, were in discussions with UEFA's Club Financial Control Body around their financial performance in recent years.
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