The owners of big-spending Premier League teams could soon find themselves prohibited from operating their clubs at heavy losses under plans being proposed by European football's governing body.

In a 60-page document seen by the Times Uefa sets out its intention to restrict the spending power of the likes of Chelsea's Roman Abramovich and the Manchester City owner, Sheikh Mansour, in order to ensure the financial stability of its leading clubs.

It is an attempt by the Uefa president, Michel Platini, to put an end to what he describes as "financial doping" – where wealthy businessmen underwrite huge losses – and to move towards a situation where clubs can spend only what they earn.

Under the proposals, which Uefa intends to bring into effect in 2012, owners would be permitted to fund losses for a transitional period but the sums of money used for that purpose would be closely monitored.

Initially losses of up to €45m (£40m) would be acceptable in the three years up to 2015. That figure would drop to €30m over the following three years, with Uefa ultimately hoping to reach a point where clubs are breaking even.