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
UEFA: Clubs must stop 'negative spiral' of financial losses
AP, January 25th, 2012 4:24PM

MOST READ

MOST COMMENTED

Cumulative losses of $2 billion by top European clubs in 2010 has prompted renewed warnings from UEFA that sanctions will be imposed on teams that fail to comply with financial guidelines. Debts are still rising as wealthy owners pump massive amounts into buying top players. Accounts from about 650 clubs reveal 56 percent lost money in the 2010 financial year, and their total debt was 8.4 billion euros ($10.9 billion).

UEFA general secretary Gianni Infantino said it was “a last wake-up call” with clubs having been subject to UEFA’s financial fair play monitoring since July 2011.
“We must end this negative spiral and gamble for success,” Infantino told reporters at a briefing.

UEFA’s research showed that richer and more successful clubs were more likely to spend and lose money. Of more than 200 clubs playing in UEFA’s Champions League and Europa League competitions two years ago, 65 percent spent more than they earned. Three out of every four clubs earning more than 50 million euros ($65 million) annually also recorded a loss. UEFA says clubs who overspend in an initial two-year monitoring period can be excluded from its competitions from the 2014-15 season. It acknowledged that 13 clubs would have failed its break-even tests on their 2010 accounts. The clubs were not identified.

Since financial licensing was introduced in 2004, 31 clubs, including four this season, have been refused entry to its two main club competitions  However, clubs barred this season were from the small-market leagues of Ireland, Kazakhstan, Lithuania and Romania. Skepticism has grown over UEFA’s willingness to take on big-spending clubs such as Premier League leader Manchester City, whose owners from Abu Dhabi funded a $318 million-loss for 2010-11, the final season before FFP took effect.

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
Inzaghi: Milan Has Nothing to Lose Against Juve     
AC Milan on Saturday hosts Juventus in an early-season top-of-the-standings clash of Italian heavyweights. While Milan ...
London Wins Semis and Final of Euro 2020    
UEFA on Friday awarded Wembley Stadium in London as the venue for the semifinals and final ...
Prosecutor Calls for End to FIFA's Secrecy     
FIFA prosecutor Michael Garcia on Friday said he wants more details published about corruption cases in ...
Pellegrini Defends Toure, Lampard     
Manchester City coach Manuel Pellegrini defended Yaya Toure's performance against Bayern Munich during City's UEFA Champions ...
Mourinho Was 'Not Expecting' Lampard to Join Man City     
Jose Mourinho says he still has respect for Chelsea legend Frank Lampard even though he could ...
Mourinho: Relationship with Ronaldo 'Does Not Exist'    
Jose Mourinho says he no longer has any relationship with Cristiano Ronaldo now that he has ...
Arrests Mar Roma's UCL Win     
Police arrested three fans prior to AS Roma's UEFA Champions League opener against Russian side CSKA ...
Roma Players Warn City, Bayern Following Rout     
AS Roma's players said they are full of confidence following their 5-1 hammering of CSKA Moscow ...
Di Maria: "I Needed to Change My Life"    
In an interview with Perform, Manchester United forward Angel Di Maria says that he left Real ...
Drogba: "I'm Like a Diesel, I Need Time"    
Didier Drogba admits that he needs time to regain his fitness and confidence after squandering chances ...
>> Section 2 Around the Net Archives