Tottenham Hotspur's Lucas Moura, left, celebrates with Harry Kane after scoring his side's second goal during the English Premier League soccer match between Manchester United and Tottenham Hotspur at Old Trafford stadium in Manchester, England, Monday, Aug. 27, 2018. (AP Photo/Dave Thompson)

Record result for European soccer clubs with 1st-time profit

September 09, 2018 - 11:17 am

GENEVA (AP) — In a record result for European soccer, top-tier clubs combined to make a first-time profit of 600 million euros ($694 million) last year.

UEFA says its research of 711 clubs' financial accounts ending in 2017 showed they turned around a 300-million euro loss ($347 million) the previous year.

Their total revenue of 20.1 billion euros ($23.2 billion) extended a trend of annual rises at around 10 percent.

UEFA says 27 of 54 top-tier divisions were profitable, up from eight in 2011 when it began monitoring accounts of all clubs entering the Champions League and Europa League.

UEFA President Aleksander Ceferin says: "Thanks to Financial Fair Play, European football is healthier than ever before.

Ceferin says monitoring "provided the platform for clubs to control their costs and pay their debts."

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