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Europe’s elite clubs have taken the unprecedented step of agreeing to restrict the amount each side can spend on players’ wages.

From the start of the 2005-06 season each of the G14 clubs has agreed to limit their spending to a maximum of 70% of their turnover on player wages.

It is the first time any form of salary cap has been agreed in European professional football since the abolition of the old maximum wage at the start of the 1960s.

A statement was released following a meeting of the G14 group in Brussels today.

‘For each 12-month accounting period, covering an entire football season, from the season 2005-06 onwards the amount of total staff cost of each member club will be limited to 70% of its audited turnover.

‘Verification of the club’s compliance with the above principals shall be carried out by their statutory auditors.’

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