RANGERS are among 19 clubs who have been warned by UEFA over Financial Fair Play rules.
A statement released by European football's governing body revealed that several teams across the continent would be "monitored closely" in the year ahead.
Rangers were able to fulfil UEFA's "break even" requirement in the season just gone.
However, the governing body revealed this was only the case because of Covid-19 measures or positive historical results.
So what is Financial Fair Play (FFP) and how will it potentially affect Rangers?
Here's all you need to know...
What is Financial Fair Play?
FFP was introduced by UEFA in 2011. The aim was to stop clubs involved in European competition from spending more than they earn.
The basic principle was that beyond a small loss, initially set at €5 million over three years, clubs’ outgoings must match their income.
What are the new FFP rules at play?
The amount that clubs are allowed to lose over a three-year period will double from €30m to €60m.
Under the new regulations, European clubs will be limited to spending 70 percent of their revenue on wages, transfers and agents' fees.
The rules came into play in June.
However, clubs will have up to three years to implement them.
What are the punishments for clubs failing to comply with FFP?
UEFA state: "Breaches will result in pre-defined financial penalties and sporting measures."
In addition to fines, likely punishments include points deductions in domestic leagues, demotion to lower-ranking competitions and a total exclusion from UEFA tournaments for severe rule-breakers.
What has been said about the new FFP rules?
UEFA president Aleksander Ceferin said: "UEFA's first financial regulations, introduced in 2010, served its primary purpose.
"They helped pull European football finances back from the brink and revolutionized how European football clubs are run.
"However, the evolution of the football industry, alongside the inevitable financial effects of the pandemic, has shown the need for wholesale reform and new financial sustainability regulations.
"These (new) regulations will help us protect the game and prepare it for any potential future shock, while encouraging rational investments and building a more sustainable future for the game."
