UEFA are to introduce stringent financial fair play rules and president Michel Platini insists that all clubs will be targeted including the giants of the European game.
"When there is a 1.2 billion euro (£1.04bn) deficit in European football, there is danger," the Frenchman told sports daily L'Equipe.
"Clubs know the rules and I will write to them before summer to remind them that our credibility will force us to go all the way.
"If, in 2015, clubs (still) do not follow the rules, the disciplinary committee, which is independent, will impose sanctions," Platini added.
Under the law coming into effect for the 2012-13 season, only clubs that are financially stable will be allowed to play in Europe's elite competitions.
Clubs must break even over a rolling three-year period if they wish to play in those tournaments and Platini cited instances of sanctions being handed out in France.
He said: "Did you think, years ago, that the DNCG (the organisation responsible for overseeing the financial affairs of French football clubs) would relegate in Bordeaux (in 1991) or Marseille (1994)? They did.
"There are several kinds of punishments possible, like a transfer embargo or a salary cap (not individual but global mass for the clubs)."