Celtic handed massive cash blow by UEFA announcement

With football clubs around the world continuing to experience some form of financial hardship or another during the current pandemic, UEFA’s announcement will hurt Celtic further.

Per a new report via the Daily Record, it appears that Celtic and cross-town rivals Rangers are now set for a major cash disadvantage from UEFA over the next few seasons.

The governing body of European football has announced that Scottish Premiership will be receiving a lower share of funds from UEFA over the next five years as they claimed a £514 million loss in sponsorships and TV funding during the pandemic.

With pandemic restrictions in place, the Champions and Europa League last season had to cut previously two-legged ties down to one, as well as a lengthy suspension in play due to the virus. These postponements and cancellations of matches netted quite the cash loss for UEFA, and carried over into this year’s UEFA qualifiers.

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The announced cuts are expected to be around 4% over the next five years, potentially netting quite the loss of cash for clubs, especially those in the Champions’ League where the prize pool for the group stage last year was around £2 billion.

While the Europa League’s pool may be significantly smaller, the cuts are still unfortunate to clubs across Europe that could be struggling for cash after the pandemic, especially those yet unable to host fans in their stadiums.

The Hoops will play their first Group Stage game of the Europa League this season on Thursday when a currently in-form Zlatan Ibrahimovic and AC Milan travel to Parkhead. A game worthy of a fully packed stadium of Hoops fans but unfortunately won’t have any.