Business

European soccer body UEFA has temporarily relaxed its break-even rule known as Financial Fair Play, saying it wants to make sure that clubs are not penalized for unforeseen losses caused by the COVID-19 pandemic this season.

The European soccer body said in a statement that clubs' accounts for the 2020 and 2021 financial years would be assessed together rather than separately, to give clubs time to recuperate from losses suffered during the last three months.

The suspension of soccer leagues across Europe due to the COVID-19 pandemic will see overall player value drop by 6.6 billion euros ($7.5 billion), or about 18 percent, in the transfer market, KPMG's global head of sports Andrea Sartori said.

The majority of leagues have resumed or are in the process of restarting their seasons behind closed doors before the transfer window reopens, with clubs still reeling from the financial impact of the months-long shutdown.

Tottenham has borrowed $220.40 million from the Bank of England to ease the financial burden due to the loss of revenue amid the COVID-19 pandemic, the Premier League club said on Thursday.

The club said it estimated a revenue loss of more than $250 million for the period until June 2021 due to the loss of income from matchday revenue, third party live events and other sporting events at their stadium.

Players are facing a deadline of high noon on Tuesday to avoid being locked out by MLS owners, ESPN reported on Monday.

At odds over the return-to-play tournament in Orlando, players voted to approve a counterproposal but owners had already determined their best offer was on the table, per the report.

Queens Park Rangers chief executive Lee Hoos has slammed the English Football League's plans to resume the Championship (second-tier) season on June 20, saying clubs were informed of the decision only moments before it was made public.

The Championship has been suspended since March 8 due to the COVID-19 pandemic but the government has given the green light for elite sport to return from Monday behind closed doors provided strict conditions are met.

Broadcasters have not been getting "bang for their buck" from Australian soccer in recent years and creative solutions are urgently needed to revitalize the game, former Socceroos defender Craig Moore has told Reuters. 

Moore, who is spearheading the "Golden Generation" group pressing for change in Australian soccer, said COVID-19 had heaped more pressure on administrators already battling to reverse declines in ratings and crowds. 

Some of the best years of your life and most cherished moments are the ones spent with the teammates who become your second family throughout the ups and downs that the game of football can throw at you.

There's nothing better than spending multiple days a week with a group of girls that share the same passion and love for the game as you. From the exciting moments of winning a state cup and national title to the tears being shed knowing your time will eventually come to an end, these are all a part of the club team experience.

With around one-third of the Major League Soccer season already postponed due to the coronavirus pandemic, teams apparently are looking for salary relief. ESPN reported Monday that MLS formally proposed to the MLS Players Association that all players take a 20-percent pay cut. 

Chinese Super League (CSL) team Tianjin Tianhai, which once employed World Cup winner Fabio Cannavaro as coach and signed Brazilian forward Alexandre Pato, has declared bankruptcy and folded, the club announced on Tuesday.