Tottenham Hotspur are one of a number of Premier League clubs who will have to repay a substantial amount of money back to TV companies.
The impact of the coronavirus pandemic has caused a significant ripple to clubs across Europe and Spurs are no exception to the rule.
European Club Association chairman Andrea Agnelli revealed yesterday that clubs which represented England in the Champions League and Europa League during the 2019-20 campaign are affected.
Tottenham, Liverpool, Manchester City, Manchester United, Chelsea, Arsenal and Wolverhampton Wanderers will all have to get their cheque book out along with other top clubs on the continent together with UEFA to the tune of £519million.
Spurs revealed in June that they had taken out a £175million loan from the Bank of England due to fears that they could lose over £200million in revenue as a result of the coronavirus crisis over the next year
Agnelli was quoted by Football.London as saying: “We are looking at top revenue decrease of approximately €4billion in the next two years and according to FIFA, 90 per cent of those top-line losses will be borne by clubs.
“We have seen very important rebates to the principal broadcasters both at domestic level and at international level.
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“We have seen a £330million rebate in the Premier League, we have seen a downturn in the Bundesliga domestic rights of about €200million, we are in the process of finalising the account with UEFA with a reduction of around €575million (£519m) for the international club competitions, and that is all money that is normally distributed.
“There will be a 20-30 percent drop in operations.
“We will have to be very careful about how we manage this transition, as there is a collapse in revenues and economies.
“Some big clubs will suffer more significant losses than entire federations. We are halfway through a crisis and it is not over yet, we have to face it.
“As clubs we have to restart with dialogue, the crisis is profound for everyone. The crisis affects everyone, big and small.
“The hope is that a responsible reaction on the part of all, can lead us out of the crisis”.
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