Manchester United chief Ed Woodward admits they're monitoring how UEFA will use their new Financial Fair Play laws.

UEFA's regulations say that clubs in the Champions League and Europa League can only spend what they earn, and are known to be scrutinising clubs that have made big losses in recent years.

Woodward was asked by United investors on a conference call when it would become clear whether FFP was effective.

He replied: "I am not going to talk about specific teams. This year is the first point where we see how FFP is going to bite, works and has an impact on potential inflation in football.

"A number of clubs are being looked at more closely by UEFA. I would agree that how UEFA deals with those clubs who have breached the rules or are close to breaching the rules will be important to see how FFP impacts on the industry.

"We will probably start to get a sense of how UEFA are coming out five or six months, although the process may take somewhat longer than that."