Top European football clubs must ''face the music'' if they fail to control their spending, UEFA President Michel Platini warned Tuesday.
Platini promised UEFA had the courage to bar loss-making clubs from its lucrative Champions League after ''financial fair play'' rules are enforced in July.
''It will have been time for them to face the music,'' Platini said, adding that UEFA's credibility was at stake.
''There will be no witch hunt. If a club does not fall in line and does not apply the same rules as everybody else, they would have to live with the consequences.''
Platini spoke as UEFA published a stark review of 655 clubs' recent financial books showing more than half reported a loss in 2009.
Their combined deficit across Europe's 53 football nations was ?1.2 billion ($1.55 billion), despite sharing record revenues of ?11.7 billion ($15.1 billion). Clubs spent 64 percent of their income on player wages and other staff expenses, UEFA said.
Platini presented a united front with Karl-Heinz Rummenigge, chairman of the European Club Association representing nearly 200 members.
Rummenigge said clubs would change their ways to avoid a ''complete meltdown'' scenario of exclusion from the Champions League.
''It would be disastrous for them to not be allowed to play ... for financial reasons,'' said Rummenigge, who is chairman of German champion Bayern Munich.
Platini declined to identify clubs on a presumed ''blacklist'' of financial offenders. However, UEFA said 11 teams in this season's Champions League and second-tier Europa League would have failed had the tests applied.
The former France great made financial reform a priority in his first presidential term to stop clubs ''cheating'' by spending recklessly to chase success.
Under financial fair play, clubs are required to break even starting in the 2011-12 season. Persistent loss-makers can first be barred from the 2014-15 Champions League, which currently distributes prize money of around ?700 million ($900 million) each season to 32 clubs playing in the group stage.
A UEFA panel of experts will monitor club finances and recommend sanctions. Other punishments could include withholding prize money and blocking purchased players from taking part in UEFA competitions, general secretary Gianni Infantino said.
Clubs can make a total loss of ?5 million ($6.5 million) in the first three years of assessment, or up to ?45 million ($58 million) if a wealthy owner makes a one-off donation to wipe out losses.
UEFA will allow progressively smaller losses from 2015 before the break-even rule is mandatory.
Clubs in just four of Europe's top 30 leagues - Germany, Austria, Belgium and Sweden - already meet the requirement.
UEFA's research revealed how European football finances are dominated by England, Spain, Italy, Germany and France.
The big-five leagues ate up 69 per cent of the total wealth from just 13 percent of the clubs surveyed.
In 2009, the 20 Premier League clubs averaged ?122 million ($158 million) income from broadcasting and commercial deals, plus sales of tickets and merchandising. Clubs in Russia and the Netherlands earned one-fifth of English clubs, UEFA said.
Platini said he ''loved'' English football, and insisted his reforms were not designed to curb its success in the flagship Champions League. At least one English club reached the final for five straight years until last season.
Platini, who is unopposed for a second four-year presidential term in March, said he wanted club finances to improve on his watch.
''I want to be proud to have been pro-active, and not ignored a problem everyone was aware of, but no one wished to take on,'' he said.
