Speaking the day after Football Association chairman Lord Triesman revealed English football had amassed a debt of £3billion, UEFA announced they were undertaking a radical review of their own club licensing system.

UEFA general secretary David Taylor had also suggested that clubs could be thrown out of European competitions in the future if they have heavy debt.

However, unlike some of their rivals, Chelsea do not have any external debt and Buck insists the club have not simply hoarded "a bunch of galacticos" but were instead looking to identify and develop English talent.

Buck said: "One of our priorities is finding young English players.

"They settle more quickly and understand the culture and dynamics of the English game.

"Money goes a long way but it doesn't necessarily get you over the line."

Four years ago, UEFA set up a system designed to make sure clubs were operating within their means.

But Taylor believes it would have to be monitored far more closely to stop borrowing spiralling out of control.

"We will not flinch if we have to exclude clubs from Europe's elite competition," Taylor said.

Former Scottish FA chief executive Taylor added that a UEFA working party will hold its first meeting at the organisation's Swiss headquarters on Monday.

They will aim to find fresh ways to address the number of clubs who are succeeding on borrowed money.

"We cannot let things stay as they are," Taylor continued. "There would be forms of communication, even warnings, even reprimands before one would ever get to a situation of exclusion but it's absolutely possible.

"It won't happen overnight or even next season but it is the ultimate sanction.

"In some countries like Germany and Switzerland, stronger requirements are put on clubs in terms of bank guarantees and having no negative equity. These are the models we have to look at."

Taylor insisted UEFA wanted to promote "financial fair play" and that the time had come for action.

The current club license is issued annually in May and Taylor said that would now have to be revised, perhaps copying the French model which examines clubs' finances over a period of time.

"This is an attempt to find greater financial stability, especially at a time when banks are failing," said Taylor.

"Governments might bail out banks but they are not going to bail out a football club."

(reopens)

Speaking on BBC Radio Five Live later, Chelsea chairman Buck stressed the club were "comfortable" with their current position.

"With respect to Chelsea Football Club, we don't think we've been reckless," Buck said.

"Our debt is really what the press has been calling 'soft debt'.

"We're very comfortable with the debt we have from Roman Abramovich in terms of its viability, its importance and its long-term availability."

(reopens)

Football Association chairman Lord Triesman yesterday suggested that a salary cap may be worth considering given the financial pressures some clubs are under.

And Liverpool defender Jamie Carragher insists everything must be done to protect clubs, if there is any chance of them going out of business.

"I hope he brings it in when I've just finished!" Carragher joked, speaking on Sky Sports News.

"If bringing a wage cap in is going to stop teams going bust, then I'm sure it's got to happen.

"The most important thing is the football club."