UEFA implement new spending rules that will have major impact on Arsenal, Chelsea and Tottenham

UEFA will abolish Financial Fair Play (FFP) rules, with a new 70% spend ratio introduced instead, according to recent reports.

The New York Times have reported that the new financial control revamp will not include a salary cap but breaching sanctions can result in point deductions, as well as potential relegation from the Champions League. UEFA have spent more than a year in talks with a representative group for elite clubs about a new model to replace FFP, with teams' spending now unable to surpass 70 per cent of their income.

The new rules will be added to UEFA’s rule book after a vote from its executive board on April 7. The rules will also have a new name as UEFA are reportedly looking to move away from FFP.

At this moment in time, both Chelsea and Arsenal are in a position to qualify for next season's aforementioned Champions League, sitting third and fourth, respectively, in the current Premier League standings. The Gunners' local rivals Tottenham Hotspur are fifth at this moment in time, meaning that they would qualify for next season's Europa League.

However, former Arsenal defender Martin Keown has backed Spurs to finish above his old side, claiming that their run-in isn't as difficult as the one Mikel Arteta's side will face. "There’s a lot of games to go, and I still put Spurs as favourites to make it into the top four," he said on Saturday.

"Arsenal are in the box seat I know, but when you look at the fixtures, games away at Chelsea, Spurs. It’s tough. It’s in Arsenal’s hand and if they keep performing as they are they’ll do it, but it’s a long way to go.