NYON, Switzerland (AP) — UEFA passed rules designed to curb European clubs’ excessive spending and end an era of so-called “financial doping”.

UEFA’s ruling executive agreed yesterday to set limits on wealthy club owners subsidising losses incurred by paying high transfer fees and salaries.

Europe’s football authority wants clubs to break even by spending only what they earn from football-related income — or face being barred from playing in the Champions League.

UEFA president Michel Platini said the new financial fair play regime was “not to punish (clubs), but to protect them”.

“This approval today is the start of an important journey for European football’s club finances as we begin to put stability and economic common sense back into football,” Platini said in a statement.

Platini has said clubs were “cheating” by spending recklessly to chase success, and feared others would go out of business with unsustainable debts.

Last offseason, Real Madrid borrowed from banks before spending euro250 million ($310 million) on a host of talent, including Cristiano Ronaldo, Kaka and Xabi Alonso.

In England, the 20 Premier League clubs have been carrying a collective debt of £3.5 billion (US$5.1 billion; euro4.1 billion).