UEFA-Union of European Football Associations has decided to slash the prize money of Champions League and Europa Leagues during the next five seasons. This is because of the negative financial impact of the COVID-19 pandemic.
For reasons stated the clubs can expect the Television and Prize money to drop by 4%.
UEFA explained to its associated members that the governing body has lost US $ 666.40 million, mainly due to the reduction of revenue from television and sponsorship income, after the last season knockout stage games were delayed in March 2020 due to the Coronavirus attack.
In comparision, last season’s forecast had € 1.95 billion reserved for the 32 teams, only in the Champions League group stage.
Further, the two leagues pending matches were completed in August 2020 but without spectators, at neutral locations and with each round ties was minimised to a single fixture instead of the normal format of home-away.