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Blatter seeks stricter rules for foreign owners

(Agencies)
Updated: 2008-10-08 09:28

BRUSSELS: Sepp Blatter wants stricter rules on foreign ownership of European clubs which has left soccer exposed amid the economic downturn, the FIFA president said on Monday.

FIFA President Sepp Blatter holds a news conference at the European Parliament in Brussels, October 6, 2008. [Agencies]

"There must be better control of soccer's finances especially in the difficult financial climate we are facing," Blatter told reporters at the European Parliament.

"Something has to be done about these billionaire owners so I urge UEFA to work with the European Union (EU) to tighten up the rules ... otherwise there will be big financial difficulties in the future."

The surge of foreign investment by wealthy businessmen in clubs, notably in England, was one of the issues the head of world soccer's governing body addressed with EU lawmakers in Brussels.

"It seems these days you can buy a club as easily as you buy a football jersey," Blatter said.

"There is something wrong here and that's why I ask the EU to act. Some of these owners prefer horse racing, others like to buy a Formula One team, now buying a football club is the big attraction."

European soccer's governing body UEFA is investigating whether there should be tighter ownership rules and has questioned the motive of owners and the sustainability of large overseas investments.