Liverpool will dodge a slap from the long arms of UEFA’s financial lawmen and women.

UEFA will not punish Liverpool for its breaches of financial fair play rules in recent seasons, according to the Guardian and the Liverpool Echo. UEFA will announce Friday it has accepted Liverpool’s explanation for spending beyond acceptable thresholds during the 2011-12 and 2012-13 campaigns.

UEFA’s Club Financial Control Body investigated Liverpool during the winter months after the Reds reported losses of £40.5 million ($66 million) for a 10-month period in 2011-12 and £49.8 million ($81.2 million) for the 2012-13 season.

UEFA’s FFP rules prohibited clubs from losing £35.4 million ($57.7 million) over the two-year period spanning the 2011-12 and 2012-13 seasons. The Reds spent beyond those levels, but a large chunk of their outlay — around £49.6 million ($80.9 million) was devoted to stadium costs, which falls under UEFA’s “special exemption” category.

UEFA fined Paris Saint-Germain and Manchester City each £49 million ($75.6 million) and restricted the sizes of their Champions League squads and transfer spending this season for their previous violations of FFP rules.

Some feared the Reds might face stiff punishment from European soccer’s governing body, but it appears that will not be the case.

UEFA investigates LFC over possible FFP rules breach >>