According to a study by the European governing football body UEFA, it showed that European clubs spent seven billion euros ...
According to a study by the European governing football body UEFA, it showed that European clubs spent seven billion euros ($7.91 billion) across two seasons as player wages rose by 2% to 11.9 billion euros ($13.45 billion) Reuters report.
The study further revealed that top-flight clubs suffered losses worth four billion euros ($4.52 billion) in 2021 up from three billion euros ($3.39 billion) the previous year.
Further revelations confirmed that the scanty and empty stadiums was also one of the factors, as revenue coming from ticket sales droped by 88% in 2020-21. Transfer revenues was also hit by the pandemic as it dropped to 40%.
According to report from British media, 724 clubs across 54 top divisions in Europe, added that 900 million euros ($1.02 billion) was given in rebates to broadcasters, while sponsorship revenue plummeted by 1.7 billion euros ($1.92 billion).
UEFA President Aleksander Ceferin, according to Reuters report said there was reason for optimism with fans returning to stadiums.
"One lesson of the last two years has been that it is only by showing solidarity and working together that European football can overcome existential challenges such as the pandemic," he said.
"This report provides sobering details of the post-pandemic challenges that await us. But whether the pandemic stays or goes, European football will stay strong, stable and united in 2022."