With the financial reporting season upon us, the impact of FFP is starting to hit home with club owners. Although clubs are able to report a deficit ofup to E45m during the current two-year Monitoring Period, clubs are only able to record this level of loss if the owners are willing to put their hands in their pocket and injectEquity that will cover all any deficit amount over E5m. Where theowners are not willing to subsidise the club in this way, the maximum permitted loss is only E5m for the Monitoring Period that covers 2011/12 and 2012/13. For the likes of Abramovic and Sheikh Mansour this will not present any problem but there are issues for other Premier League Clubs. All clubs wishing to take part in UEFA competitions are required to apply for their UEFA licence in advance of securing their qualification for the competitions. In practice this means that the owners of Stoke, Newcastle, Bolton and the other clubs hoping to win an UEFA place will need to put their hands in their pockets to fund the deficit, rather than saddle the club with debt.