<P> At the beginning of 2012, Manchester City manager Roberto Mancini, faced with a number of injuries and players absent at the African Cup of Nations, admitted for the first time that because of FFP he had been told by senior club management that he would be unable to buy any new players during the January transfer window unless he first moved on existing players, and perhaps not even then . </P> <P> Premiership spending in the 2012 January transfer window was down 70% compared to the same period the previous year . Across Europe, a number of other clubs confirmed that they were not planning to buy players outright during the transfer window, preferring to rely on loan deals . The 2012 Deloitte report stated, "Financial fair play has definitely had an impact," while Arsène Wenger remarked, "It looks like economically the whole of Europe is being a bit more cautious ." </P> <P> Shortly afterwards, however, the new Premier League accounts for the 2010--11 season--the first since FFP came into effect--showed that even with record annual revenues of £ 2.3 billion, the 20 Premier League clubs lost a combined total of £ 361 million, a large proportion of which was due to Manchester City's £ 197 million loss--the biggest in football history,--followed by Chelsea's £ 68 million loss . In the first eight months since taking over, Liverpool's new owners, the Fenway Sports Group consortium, also posted a £ 49.6 million loss; £ 35 million of this was a result of having scrapped earlier plans by the former owners, Hicks & Gillett, to pursue a new Stanley Park stadium development in favour of returning to an original scheme to enhance the club's existing stadium, Anfield . </P> <P> Commenting on the Premier League club losses, CEO Richard Scudamore refused to introduce break - even legislation into Premier League rules, as the Bundesliga had done earlier and which, in complete contrast, were now recording profits of nearly € 2 billion (£ 1.7 billion) for 2010 11, with an overall profit of € 52.5 million (£ 44 million). The Bundesliga had also generated record revenues over the previous 12 months, bringing in almost € 2 billion (£ 1.67 million) and retained its position as the world's most attended league with an average attendance of 42,101 . Bundesliga CEO Christian Seifert said, "The measures for an improved cost control approved by the clubs in August 2010 have borne fruit . The Bundesliga is as popular as never before with fans, sponsors and media partners ." </P>

How does the uefa financial fair play work