UEFA President Michel Platini has warned Premier League clubs that they must cut their debt and once again gave a thumbs down to foreign ownership.

Platini has been a fierce critic of the way in which Premier League clubs have gone about their business financially, in particular of the wave of foreign ownership sweeping the English game.

Birmingham City became the latest club to be brought be overseas investors when Chinese billionaire Carson Yeung purchased the club last month, and Platini is concerned about the level of debt clubs are willing to saddle themselves with in order to secure foreign investment.

In a frank interview with the Daily Telegraph, the two-time European Player of the Year once again raised his concerns and called for measures to be introduced to rid Premier League clubs of massive debt.

"The philosophy to participate in our competitions is you must not spend more money than you receive. If United have €300 million and they spend €400 million - no!" he said.

"Every owner has asked me for a better philosophy, for better transparency. In Germany, debts are not accepted. In England they are.

"Some of the chief executives are not OK with the chance of new regulations [on debt] because they don't want to change their business. The owners are OK with it. Abramovich hardly bought one player this year," he added pointedly.

The Juventus legend also wants to also introduce measures to ensure that a club's expenditure should not exceed its income and he has set a date of three years in order to accomplish this.

"We have three years to regulate the situation," he said. "The idea is not to kill the clubs but to help them have better balance. As (Manchester United chief executive) David Gill says: 'the devil is in the details'," he stressed.

"Gill is a very good guy and perhaps United will resolve the debts in the future. If you put the same [strict] regulations for all the clubs in Europe, they will accept. If you regulate the system, many people will be interested in buying. I am not a big economist but I am logical.''

His comments are likely to reinforce the view that he is a nemesis of English football and his scathing criticism of foreign investors will do little to negate that opinion.

"I like people to put their money in their own leagues. You English can put in rules so you have no more foreign owners, like in Germany where no foreign owner can have more than 50 per cent of shares in a club," he maintained.

"In France, the stadiums belong to the city, who decide what is good for them. I like the Barcelona model. The fans are the owners and you can never have a foreign owner. It's great."