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Europe's top soccer clubs face major debt issues

NYON, Switzerland (AP) — European governments are not the only ones with major debt problems: Top European soccer clubs lost more than €1.6 billion ($2 billion) in 2010 and their debts are still rising despite facing new sanctions soon for overspending.

With wealthy owners keen to buy success on the pitch by throwing millions at top players, accounts ¡¡¡¡from 665 European clubs revealed Wednesday that 56 percent of them lost money in the 2010 financial year and their total debt was €8.4 billion ($10.9 billion).

Those losses came even as soccer revenues around the continent were rising substantially, in part due to television contracts.

Gianni Infantino, the general secretary for UEFA, the regulator for European soccer, said the numbers were "a last wake-up call" for the clubs.

"We must end this negative spiral and gamble for success," Infantino told reporters.

UEFA President Michel Platini, concerned that the staggering amount of debt being wracked up by the clubs could have an adverse impact on the game itself, has pushed through much stricter "financial fair play" monitoring rules for clubs, which began in July 2011.

UEFA's study showed the combined annual loss of top-tier clubs rose 36 percent, about €400 million ($520 million), compared to 2009.

The losses can be blamed largely on overspending on salaries, staff costs and transfers, as the overall revenue for European top-tier clubs has soared by 42 percent between 2006 and 2010.

UEFA acknowledged that 13 clubs, including several ¡¡¡¡from England, would have failed its break-even tests on their 2010 accounts. The clubs were not identified but likely included Manchester City and Chelsea, which are bankrolled by wealthy owners.

 


 

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