UEFA's Gianni Infantino Says Football Must Work To Prevent 'Financial Insanity'
UEFA said that "its plans to curb overspending by clubs are already having a positive impact, although more needs to be done to protect the sport from 'financial insanity,'" according to Peter-Joseph Hegarty of BLOOMBERG. UEFA has said that "it will probably announce sanctions at the beginning of May against clubs found to have breached its Financial Fair Play spending guidelines." UEFA said in its sixth Club Licensing Benchmarking Report that figures from almost 700 teams "show more owners are fully committing their money to clubs, rather than lending it," while losses in '12 were almost €600M lower than in each of the two previous years. UEFA General Secretary Gianni Infantino said, "While such figures are encouraging there is still considerable work to be done in reducing these losses further." UEFA also reported that top-division club income rose by €800M in '12 to €14.1B (BLOOMBERG, 4/19).