Juventus President Andrea Agnelli has questioned UEFA's willingness to ban big-spending clubs from the Champions League if they breach its Financial Fair Play regulations.
Clubs need to aim to break even on football-related business, with the worst offenders risking a ban from UEFA competitions from the 2014-15 season.
Speaking at the Leaders in Football conference, Agnelli highlighted that throwing a major club out of UEFA's Champions League would risk antagonising the broadcasters which have bought TV rights from UEFA.
"Even if you have FFP are (UEFA) going to ban three teams from participating in the UCL?" Agnelli asked.
"Who will go to say to the broadcasters we (UEFA) haven't got the three teams playing? Is there going to be a correction in the overall value of the TV rights?"
Manchester City's last reported loss was nearly 200 million pounds ($A315.73 million) after a lavish spending spree funded from Abu Dhabi, while European champion Chelsea last revealed an annual loss of 68 million pounds.
Agnelli said Juventus - the reigning Serie A champion - reduced losses this year to 48.7 million euros ($A61.99 million).
"We, as Juventus are working with FFP in mind. I am curious to see who is working with FFP in mind - really," Agnelli added. "And once the FFP rules come into effect I am curious as how effective that will be and how the actual punishments will be distributed in case someone breaches financial fair play."
UEFA Champions League
Borussia Dortmund centre-back