European football faces £7.5BILLION losses due to Covid with transfer market devastated and 360 clubs needing savingJanuary 27, 2021
EUROPEAN football will pay a stunning £7.5BILLION price of the Covid crisis.
The staggering cost was projected by Juventus president Andrea Agnelli, also head of the influential European Club Association representing the 230 biggest teams in Europe.
Spanish giants Barcelona and Real Madrid now have a combined debt of more than £1.8bn.
Premier League clubs, meanwhile, have seen revenues slashed by hundreds of millions, with more to come.
Football financiers Deloitte suggested Europe’s biggest 20 clubs would lose £2bn over two seasons.
But Juve chief Agnelli warned: “I think it will be much worse than that.
“We will have a real understanding only at the end of this season.
"Two cycles have been fully impacted and 2021 will be a full season without fans in stadiums.
“Some international broadcasters have not paid their dues. I think this season will be much worse.
“The best scenario is a bottom line loss for the industry of between £5.75bn and £7.5bn for the two seasons combined.
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“There will be 360 clubs needing cash injections, either through debt or equity, for £5.3bn.
“And, of course, the transfer market impacted, worth £2.3bn less year on year.
“We are still navigating through very rough seas. I dare not think what is happening below the top divisions.”
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