The Chinese Football Association (CFA) recently advised that they are going to ban "overspending" Chinese football clubs in an attempt to regulate the country football transfer market.

ESPN reported that the CFA cautioned Chinese clubs, particularly those in the Chinese Super League, the Far East nation's top tier football league, that "they must be financially independent of their parent companies" and thus can stand alone when it comes to purchasing foreign players.

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What is happening right now is that the teams' billionaire owners and benefactors have been shouldering some of the transfer fees with their personal finances. This makes the club's expenses far outweigh its revenues, which will not be for the benefit of the club and the league in the long run.

"Professional clubs must have an independent financial system," a recent CFA statement said. "Clubs should operate as independent legal entities, reducing the dependence on their parent companies and shareholders' companies' financial support."

The CFA also notified that they will have a "third-party audit company" checking the clubs from time to time, inspecting for violators when it comes to "funding sources, expenses, youth investment, and salary payment methods". The auditing firm will also distribute a "revenue and expenditure report to the public".

Clubs who will have a deficit in their expenses-vs-revenue data for three straight years will reportedly be banned by the CFA from competing. The announcement came days after the CFA reduced the number of foreign players that each CSL club can sign at a time to three from the previous four.

The South China Morning Post noted that the "new regulations are part of an 18-point plan" that the CFA "will announce next week". Shanghai SIPG acquired Brazilian midfielder Oscar from English Premier League club Chelsea last month for a Chinese-record breaking transfer fee of $73 million.

European players Carlos Tevez and Axel Witsel have also recently joined the CSL and was also given enormous salaries just like Oscar, making them some of the highest-paid footballers in the world alongside football superstars Cristiano Ronaldo and Lionel Messi.

TagsChina Football, China Football News, China Football News 2017, Chinese Super League, Chinese Super League news