Man Utd Owner Malcolm Glazier

Manchester United claim they will have no problems claim with new UEFA rules which will set standards for spending and debt.

UEFA are introducing rules which will only allow clubs to spend what money they have generated, though there will be no actual barrier to clubs having large debts. It will be six years before a gradual phasing in of the new rules is complete.

With United heavily in debt following the Glazers takeover, with £45 million in interest payments being paid each year, it had been suggested that they could be barred from the Champions League and continental competition in general. However, United have claimed that they have already made checks to ensure they pass the test.

Manchester City and Chelsea, who both posted huge losses in their last accounts, would be in danger of being blocked from Europe.

A United spokesman said: "We support the financial fair play measures. We are confident that we pass them and that we will continue to do so.'

United made a £22 million profit last year after interest payments but much of that was due to the sale of Cristiano Ronaldo to Real Madrid for £80million. Even had they made a loss, United say under the UEFA rules they would be able to write off around £38 million a year for 'goodwill' payments - an accounting practice that reflects the amount overpaid by the Glazer family to buy the club compared to the paper value of the club's assets.

Furthermore, the interest on the Glazers' PIK (payment in kind) loans will not be taken into account because that is not paid out, but merely added to the debt - they now total £225 million.

The new UEFA scheme will come into effect in 2012, although some flexibility is afforded for an introductory period. Initially, clubs must not return losses of more then £38 million for the 2012-15 period. After 2015, clubs are given a leeway of £26 million for three-year losses after which the figure will be reduced still further.

If clubs breach the rules then they will not be granted a UEFA club licence to take part in European competitions.

UEFA's intention is for the Football Association and Premier League to rule on which clubs pass the test - in the same way that they now issue UEFA club licences. The independent Club Financial Control Panel appointed by UEFA would carry out spot checks to ensure that the rules were being implemented correctly.

The financial fair play rules would also prohibit 'sugar daddies' being allowed to pour money into clubs to buy players or fund high wages. Benefactors would be allowed to make capital investments in their clubs, however, such as building stadiums or youth academies.

UEFA's executive committee meeting in Nyon will not just rule on the financial fair play proposals - on Friday they will vote on the host country of Euro 2016. France is viewed as the favourite ahead of Turkey with Italy way behind in third.