UEFA Cries Poor
UEFA asks clubs for financial responsibility
Almost a quarter of Europe’s top division soccer clubs reported major financial losses last year, UEFA said Thursday, with a third of the teams in the rich and successful English Premier League losing at least 20 percent of income.
UEFA secretary general David Taylor warned a conference on financial responsibility in sport that more red ink is expected this year as leagues feel the full weight of the sputtering global economy.
Usually dislike these woe are me type of articles. The reality is even if UEFA introduces some measure to bring in cost certainty like the NFL/NBA/NHL, teams will start finding loopholes. Look at the NHL for example. After shutting down the league for a season and finally getting a salary cap, owners are still spending like crazy. Now NHL teams offer 12 year contracts to players and front load the contract hence making the per year salary cap hit easier to handle. Bunch of hypocrites if you ask me.
Four years ago everyone was complaining about Chelsea’s spending. Where they successful? Yes. They did become an unstoppable force? No. Money helps no doubt but spending it alone doesn’t necessarily produce results. Trying to turn football into some socialist state isn’t going to stop the rich from getting richer. Just means they are going to do it in different ways.