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

MOST COMMENTED

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
Redknapp to Sign Two-Year QPR Extension    
Despite losing his first three games of the season, Queens Park Rangers coach Harry Redknapp revealed ...
Hernandez, Juve Agree Personal Terms    
The Corriere dello Sport on Friday reported that Juventus has agreed personal terms with Manchester United ...
Cambiasso Joins Leicester City     
Former Inter Milan midfielder Esteban Cambiasso on Friday officially joined Premier League club Leicester City. The ...
Fringe Players' Pay Could Derail Man United Transfer Plans    
Following the British record $99 million arrival of Angel Di Maria from Real Madrid, Manchester United ...
Chelsea's Torres Wants AC Milan Move     
Chelsea striker Fernando Torres is said to be closing in on a move to AC Milan ...
Report: Gunners Favorite to Sign Falcao on Loan     
ESPN on Thursday reported that AS Monaco has made sought-after striker Radamel Falcao available for a ...
Xabi Alonso Transfer Raises Question Marks in Germany    
Xabi Alonso's 10 million-euro ($13.2 million) transfer from Real Madrid to Bayern Munich has been met ...
Rooney Named England Captain     
Roy Hodgson on Thursday named Wayne Rooney captain of England following the retirement of former captain ...
Van Basten Exhibits 'Severe Symptoms'; Leaves AZ Indefinitely     
Netherlands and AC Milan legend Marco van Basten on Thursday mysteriously left his post as AZ ...
Arsenal Loses Giroud Until 2015     
Arsenal coach Arsene Wenger on Thursday confirmed that striker Olivier Giroud had surgery on an injured ...
>> Section 2 Around the Net Archives