GENEVA (AP) — Amid a cash crisis caused by the coronavirus pandemic, European soccer clubs were told Tuesday that UEFA is repaying 575 million euros ($680 million) to broadcasters because of the disruption to the Champions League and Europa League.
UEFA sales of broadcasting and sponsorship rights for its club competitions were set to earn 3.25 billion euros ($3.8 billion) annually through the 2020-21 season.
“That is all money that is not going to be distributed,” European Club Association chairman Andrea Agnelli said about the rebate in a speech to about 250 member clubs in an online assembly.
Until the pandemic forced UEFA competitions to be restructured and fewer games played in the knockout rounds, participating clubs were due to share 2.55 billion euros ($3 billion) in prize money from UEFA.
“We are in the process of