Bengaluru, June 19: The European Football's governing body -- UEFA -- has extended this season's transfer deadline to October 5 while temporarily softening its Financial Fair Play (FFP) rules to help clubs impacted by the economic fall out of the novel coronavirus (COVID-19) pandemic.

The summer transfer window in Europe usually closes at the start of September, although individual countries do not all follow the same dates.

Following its latest executive committee meeting held via videoconference, UEFA chief Aleksander Ceferin said clubs would have time till October 6 to register players for the group stage of next season's European club competitions.

Football is still adapting after the current season was interrupted in mid-March because of the coronavirus pandemic.

FIFA has already permitted countries to open their transfer windows up to four weeks before the delayed season has been completed, although any new signings would not be eligible until next season.

Several countries are only just resuming competitions, with the seasons in England's Premier League and Spain's La Liga not set to finish until late July. Italy's Serie A will not now finish until early August.

Earlier, UEFA had announced that this season's Champions League would be completed with a "final eight" straight knock-out format in Lisbon from August 12 to 23.

Champions League to conclude with eight-team Lisbon tournament, UEFA confirms

Relaxation in FFP rules

FFP rules mean that, over a three-year period, clubs competing in European competition are not permitted to lose more than $33.7m.

However, given the damage done to the footballing economy by the interruption to the sport caused by the pandemic, UEFA has agreed to a loosening of the rules which, it says, "aim at addressing the actual problem which is revenue shortfall due to COVID-19 and not financial mismanagement".

It means that clubs will be given longer than usual to show they have met payments owed on transfers and salaries, while "the assessment of financial year 2020 is postponed for one season, and will be assessed together with the financial year 2021".

The FFP rules were brought in to combat growing debt in European football.

(With UEFA Media inputs)