The European Commission and soccer's governing bodies reached agreement on a new player transfer system last night. The accord ended six months of often fractious negotiations, prompted when the EC insisted the current system, where clubs demand a fee for in-contract players, broke EU employment rules.

The main details of the agreement are:

In the case of players aged under 23, a system of training compensation should be in place to encourage and reward the training effort of clubs, in particular small clubs.

Creation of solidarity mechanisms that would redistribute a significant proportion of income to clubs involved in the training and education of a player, including amateur clubs.

International transfer of players aged under 18 to be allowed subject to agreed conditions; the football authorities will establish and enforce a code of conduct to guarantee sporting, training and academic education.

Creation of one transfer period per season and a further limited mid-season window, with a limit of one transfer per player per season.

Minimum and maximum duration of contracts of respectively one and five years.

Contracts to be protected for a period of three years up to 28; two years thereafter.

A system of sanctions to be introduced so that unilateral breaches of contract are possible only at the end of a season.

Financial compensation can be paid if a contract is breached unilaterally, whether by the player or the club.

Proportionate sporting sanctions to be applied to players, clubs or agents in the case of unilateral breaches of contract without just cause, in the protected period.

Creation of an effective, quick and objective arbitration body with members chosen in equal numbers by players and clubs and with an independent chairman.

Arbitration is voluntary and does not prevent recourse to national courts.

The compromise deal failed to flesh out the detail on the two contentious issues that had divided the two sides: how to penalise players who unilaterally breach contracts and how clubs should be compensated for the costs of nurturing young talent.

FIFA and UEFA had wanted players breaking their contracts during the protected period to be banned from playing for up to a year. Brussels had wanted a shorter period. An EC statement said sanctions should be "proportionate".

EC officials, wary of hindering the free movement of players, had also wanted to restrict compensation for smaller clubs.