Uefa have confirmed to their 55 member associations that the prize money in European competitions will be cut for the next five years. The decision has been made as a result of the organisation’s losses caused by the Covid-19 pandemic.
European Competitions Set for Prize Money Cuts Over the Next Five Seasons
Virus Dominates the Scene Yet Again
The Times reports that Uefa have lost over £500 million, since the effects of Covid-19 impacted their club competitions, Champions League, and the Europa League. The virus has primarily affected Uefa’s TV and sponsorship income, although the majority of competitions powered through the pandemic.
Despite Europe’s elite continuing to spend at an alarming rate, it is Europe’s governing body that is suffering the most right now. In such uncertain times, Uefa cannot even ensure that this season’s competition will run unaffected by Coronavirus.
How Will the European Prize Money Cuts Affect English Clubs?
Initially, the majority thought that Uefa would distribute the cuts over two or three years. However, their suggested number of five years, demonstrates the troubles within the second most powerful governing bodies in the world. English clubs competing in Europe will now see a four per cent decrease in their TV and prize money. Something that will last for at least the next five years.
36-Team Champions League Expected to Run From 2024/25
Uefa have also been at the forefront of the British media, by proposing a 36-team Champions League. According to the Telegraph, the increase that would see an additional four clubs join the competition, would lead to a completely different format to the existing competition.
One option being explored assumes that the 36 teams will be split into six groups of six. Each club would play 10 matches, five games at home and away. The second option explores a club playing 10 matches against 10 different opponents, which will be based upon a seeding system.
It remains unclear whether the proposed changes to the competition are reacting to the Uefa’s significant recent losses. However, the increase would see more games being played, which could lead to more lucrative TV and sponsorship deals.
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