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Football & Finance - Essay Example
Finance & Accounting
Pages 12 (3012 words)
Name: University: Course: Tutor: Date: Football and Finance Background of the Project According to the recent statement release by the Union of European Football Associations (UEFA), about 46 European football teams would need funds to satisfy the incoming fiscal control regulations…
The spending on salaries and players was 43 percent up over the previous five years. European clubs assessment is a requirement of Uefa’s financial fair play policies, which focuses on reducing debt and stopping teams from spending above their capability. According to Uefa’s rule of financial fair play, teams that fail to meet the requirements of the union’s policies face sanctions or suspension from participating in the continent’s major competitions. According to 2009, 2010 and 2010 financial reports, many clubs participating at both clubs and European competition levels exhibited significant amount of losses in relation to the Uefa’s minimum low of €5 million. Many European football clubs including top flight clubs have recently shown numerous financial drawbacks adding to recent increase in the total loss experience in the European football industry. There have been public outcries from some clubs regarding financial fair play by some of the continent’s top division clubs. A considerable number of clubs have undergone liquidation while many more face the threat of possible bans from taking part in Uefa Champions League and Europa League, which are the continent’s most prestigious football competitions. Liquidation is the worst experience any club would ever wish to undergo. ...
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