Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
European Clubs Spilling Red Ink
AP, September 18th, 2009 3:45PM

MOST READ


On Thursday, UEFA reported that almost a quarter of Europe's top division soccer clubs suffered major financial losses last year. Clubs' rising costs have offset increases in income. For example, while income rose five percent last year, player costs increased 9 percent. "The huge spending on players produces constantly an inflationary effect with consequences on the whole club soccer movement," UEFA secretary general David Taylor said.

On top of that, "the current financial crisis has exacerbated the situation." English clubs posted the worst losses. Only Romania, Ukraine, the Czech Republic and Poland had more clubs losing money among Europe's 53 federations. Across Europe, barely half of teams break even or make a profit, UEFA reported.

In an attempt to stop such losses, UEFA has imposed new financial restrictions. By 2012, soccer-related businesses need to break even or be stripped of their licenses. Former Belgian Prime Minister Jean-Luc Dehaene will lead UEFA's campaign to control excessive spending. Taylor said the new system will teach clubs to compete for European titles with their revenues instead of their debt, and to protect the long-term future of the sport. Most club owners endorse the so-called "financial fair play policy." Also, the European Union, usually at odds with soccer-specific laws, endorsed the reforms. "I welcome and support these," EU Sports Commissioner Jan Figel said. "I look forward to the implementation."

 

Read the original story...


No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Section 2 Around the Net
Guardiola: I Would Leave Bayern if Asked    
Bayern Munich coach Pep Guardiola said he would be happy to leave the German giant after ...
Hazard a 'Major Doubt' for UCL Semi    
Chelsea on Friday confirmed that playmaker Eden Hazard is "major doubt" for Tuesday's UEFA Champions League ...
Neymar to Miss at Least Four Weeks     
Barcelona starlet Neymar looks set to miss the rest of the season after suffering an injury ...
Klinsmann on Altidore's Situation    
In the latest edition of Road to the Roster, U.S. men's national team coach Jurgen Klinsmann ...
Liverpool Players Lead PFA Awards Lists     
Liverpool trio Luis Suarez, Daniel Sturridge and Steven Gerrard were nominated for the Professional Footballers' Association's ...
Cruyff: Barca Needs to Restore Laporta, Guardiola     
Barcelona legend Johan Cruyff thinks the best way to turn the Catalan giant's fortunes around is ...
Ronaldo Could Miss First Game vs. Bayern     
Cristiano Ronaldo watched from the stands as Real Madrid beat Barcelona 2-1 in the Copa del ...
Report: Moyes Must Qualify for Europa League    
Manchester United coach David Moyes is understood to be under pressure from the Glazer family, the ...
Bayern Eases into German Cup Final     
Bayern Munich on Wednesday remained on course for a record 17th German Cup by crushing second ...
Pellegrini: 'Mentally Tired' City Not Out of Title Race    
Manuel Pellegrini admitted that Manchester City is mentally tired after his team could only manage a ...
>> Section 2 Around the Net Archives