The coronavirus pandemic has had a big impact on the finances of clubs, with matchday revenue being reduced to almost nothing due to the absence of supporters from the stands. 

Now, according to a report published in the Guardian, the total amount worth £3.4 billion has been lost across Europe. The Deloitte Annual Review of Finance discovered the report originally, with the decline in revenue the sport’s first since the global financial crisis in 2008/09.

While the income for clubs has dropped drastically, the wages being paid to players has remained the same. This has put increasing financial pressure on the clubs to deal with this difficult situation. However, some clubs have placed agreements with their players for a pay cut. 

Real Madrid have asked their players to take a 10% pay cut. On the other hand, numerous clubs have defaulted on payment for their playing staff, especially in Italy. 

While the Premier League remains the most watched league in the continent, the German Bundesliga is now second with minimal rebates from broadcasting companies. 

The Bundesliga lost 4% in total while La Liga lost a total of 8%, which is something that Deloitte believes they will be able to make again in 21/22 and return to second place. The situation is worse in France (16%) and Italy (18%), and Deloitte projects that they will feel the impact in the coming season as well. In the case of Italy, tough negotiations with broadcasting companies could further aggravate the situation.