UPDATE 1-Soccer-UEFA withholds prize money from 23 clubs over finances

Posted Tuesday, September 11, 2012 by YAHOO Sport

* Atletico, Malaga and Sporting among those affected
* Clubs given until Sept. 30 to report back to UEFA
(Adds details)
LONDON, Sept 11 (Reuters) - Europa League winners Atletico
Madrid were among 23 clubs to have prize money withheld as
European soccer's governing body UEFA revealed the first
sanctions under its financial fair play rules on Tuesday.
UEFA said the clubs, who also include Qatari-owned La Liga
side Malaga and Portugal's Sporting, were found to have
"important" overdue payments to other teams, their own employees
or social and tax authorities.
As a result their money for taking part in European
competition would be withheld pending further investigation,
UEFA said in a statement.
The clubs will have to provide an updated report on Sept. 30
to a UEFA committee led by former Belgian Prime Minister
Jean-Luc Dehaene.
"This ... measure will remain in force until all identified
balances have been settled in full or until a final decision by
the (UEFA committee) is taken," said UEFA.
Among other clubs under investigation are Dinamo Bucharest
and Rapid Bucharest of Romania, Turkey's Fenerbahce and Serbia's
Partizan Belgrade.
All are involved in this season's UEFA competitions.
There were no clubs from the English Premier League, German
Bundesliga, Italy's Serie A or France's Ligue 1 among the clubs
named.
UEFA approved the introduction of the far-reaching financial
fair play rules in 2009 in a bid to reduce debt and introduce
better and more transparent financial dealings among clubs
playing in its competitions.
UEFA president Michel Platini said the measures have been
introduced to stop clubs from spending their way into oblivion
and to force them to live within their means.
They are also intended to stop wealthy owners from trying to
buy success with limitless spending on players, distorting the
transfer market in the process.
Transfer fees and outgoing payments have been monitored
since the start of the 2011/12 season with clubs tasked with
breaking even in 2012 and 2013 and being assessed during the
2013/14 season.
If clubs have not come into line by then, they could be
thrown out of European competition.