The top clubs in Europe lost €4 billion ($4.6 billion) last season as player wages increased.
In total, wage costs – and agents’ fees – accounted for spending that equalled 91% of revenue. This led to an increase in outside lending, with clubs taking on more than €750 million in new debt.
There are qualifications in the report, with some of the 2020-21 figures based on the accounts of 95 “early reporting” clubs.