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European football clubs will be limited in how much they can spend on their playing squads under new financial fair play (FFP) regulations approved by the UEFA executive committee on Thursday. “The biggest innovation in the new regulations will be the introduction of a squad cost rule to bring better cost control in relation to player wages and transfer costs,” the European football ruling body said. “The regulation limits spending on wages, transfers, and agent fees to 70% of club revenue. “Assessments will be performed on a timely basis and breaches will result in pre-defined financial penal…