The vote is seen as a big win for UEFA President Michel Platini, who has lobbied for an end to the practice for years. UEFA claims third party ownership drains huge sums of money from the sport, and threatens its integrity when investors and agents are incentivized to transfer players regularly to generate profits.
According to ESPN, UEFA wants to bring the new rule into effect as early as next season. The report adds that Europe’s governing body for soccer could impose transfer bans on clubs breaching the legislation and exclude players from European competition squads under the proposed rules.
Meanwhile, FIFA’s new ruling against third-party ownership would supersede any national or confederation regulations, as soon as it’s indoctrinated.