UEFA prize money to be cut for five years due to COVID-19

General view of the UEFA logo at UEFA Headquarters before a draw [REUTERS/Denis Balibouse]

Champions League and Europa League prize money will be cut over the next five seasons as Europe’s soccer governing body UEFA grapples with the financial impact of the COVID-19 pandemic, The Times has reported.

UEFA has informed its member associations that they lost 514 million pounds ($666.40 million) following the reduction in both television and sponsorship income after delays in the knockout stages last season, the report said.

The two competitions were suspended in March when the pandemic wreaked havoc on the global sporting calendar and only resumed in August after the top leagues in Europe wrapped up their respective seasons.

Europa League - Final - Sevilla v Inter Milan - RheinEnergieStadion, Cologne, Germany - August 21, 2020 Sevilla players celebrate winning the Europa League Final with the trophy, as play resumes behind closed doors following the outbreak of the coronavirus disease (COVID-19) [Ina Fassbender/Pool via REUTERS]

The knockout stages were staged behind closed doors at neutral locations and each round’s tie was also reduced to a single fixture instead of the usual home-away format.

Last season’s forecast had 1.95 billion euros (1.78 billion pounds) set aside for the 32 teams in the Champions League group stage.

The report added that English clubs can expect to see TV and prize money drop by about 4%.

Champions League - Final - Bayern Munich v Paris St Germain - Estadio da Luz, Lisbon, Portugal - August 23, 2020 Bayern Munich celebrate winning the Champions League with the trophy [David Ramos/Pool via REUTERS]