Rio de Janeiro, Sep 28 (IANS) Brazil's sports ministry has welcomed a move by FIFA to ban third-party ownership of players.

The widespread practice is set to be outlawed within four years, FIFA president Sepp Blatter said, reports Xinhua.

The rule change is likely to bring a seismic shift to player negotiations in Brazil, where local clubs rely on investors to help them buy and sell players.

Toninho Nascimento, the football secretary for Brazil's sports ministry, hailed the move as a potential turning point for the country's domestic scene.

"I think it's a great idea. As long as there is a transition period," Nascimento told the Folha de S.Paulo newspaper.

Santos president Odilio Rodrigues Filho urged the country's top clubs to agree on new rules focused on fiscal responsibility.

"Brazilian clubs need to get together to agree on new market regulations. We need to determine how much we can pay coaches, agents, etc.

"By seeking third-party involvement for economic rights of players, clubs are heading towards bankruptcy."

Sao Paulo president Carlos Miguel Aidar said the consequences of FIFA's move would be felt almost immediately.

"It's the beginning of the end for agents and companies acting as middle-men in football. We are going to see changes in upcoming negotiations," Aidar said.

Lawyer Eduardo Carlezzo warned that clubs were likely to suffer in upcoming transfer windows.

"In the short term, clubs are going to be impacted, especially those that are going through financial crisis," Carlezzo said.

"But in the long term it's a positive move. Clubs are going to get 100 percent of players' fees."

Another lawyer, Lidio Enescu, said clubs would be forced to once again focus on developing their youth academies.