UEFA's Financial Fair Play regulations have created a bigger divide between the elite and smaller football clubs, according to a new study.
Europe's governing body introduced FFP in 2012 to try to reign in spending at top clubs and level the playing field -- but the report from the Technical University of Munich says the rules have had the opposite affect.
The study compared the impact of football owners to venture capitalists, and said the regulations provide a disincentive to invest in smaller clubs.
"Investors can break up established structures and thus strengthen competition -- similar to what we have seen with venture capital in economics," co-author Daniel Urban wrote.
"The UEFA regulations, however, seem to have set too high barriers for investors looking to start sponsoring smaller clubs.
"Due to the financial caps, potential financiers don't see a chance for financially weaker clubs to transform into internationally competitive teams by means of their investment. This is how FFP solidifies existing hierarchies."
Manchester City and Paris Saint-Germain are among the biggest clubs to run afoul of the FFP rules, which generally come into affect when teams greatly outspend their revenue.
Despite its overall criticism of FFP, the study hailed UEFA's recent steps to help clubs in financial trouble as "a step in the right direction."
"Clubs and soccer associations could take some cues from the business world on how to combine the free market, competition regulations, and good management practice," wrote co-author Christoph Kaserer.
"Following extensive debates, corporate governance in large enterprises has undergone substantial transformation over the past 15 years. Soccer could follow the lead in order to avoid losing the acceptance of fans."