European soccer clubs face $4.5B income drop over next year

GENEVA (AP) — European soccer clubs expect to lose $4.5 billion in revenue over the next year because of the coronavirus pandemic. A study by the European Club Association estimates clubs in 55 countries face a collective shortfall of $1.8 billion this season and $2.7 billion in the 2020-21 campaign. The analysis excluded possible transfer market profits. ECA chief executive Charlie Marshall says “the results demonstrate that the financial impact of COVID-19 on European clubs … is already a seismic shock.” FIFA has committed hundreds of millions of dollars from its financial reserves to make grants and interest-free loans to member federations.