The history of financial mismanagement in European club football has been well documented. UEFA began to publish studies it commissioned concerning the financial health of European club football in 2009. The most shocking discovery was that European clubs were spending more than double on transfer fees and players’ salaries in a given year than what those clubs held as tangible fixed assets. Please pause for a moment and reflect on what this implies. European football clubs were spending more than double on player acquisition costs than the value of the stadium and training grounds that were owned by clubs. Moreover, top clubs were spending 64% of their gross revenue on player’s salaries while player salaries rose by 25% from 2007 to 2009. At that moment 73 European clubs playing in a first division were spending more than 100% of their gross revenues on players’...
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