Europe's elite clubs sidestep financial crisis

Massive Champions League earnings have allowed Europe's top clubs to sidestep the financial crisis, according to a survey published yesterday.

The 16 sides that qualified for the knockout phase, from just seven western European countries, will have won an average of nearly €40 million, the survey commissioned by the competition's sponsors said.

The biggest clubs with the largest fan bases like holders Manchester United and nine-times winners Real Madrid will fare even better with prizes reaching over €46 million, sponsors Mastercard said.

The team to succeed United as winners in May's final in Rome could earn as much as €110 million, according to the research conducted by Professor Simon Chadwick of Coventry University Business School, a specialist in the field of sports business.

"In uncertain economic times, sport's universal appeal remains strong, making it one of the most lucrative industries to be involved in," Chadwick said in a statement.

"The competition continues to be an important source of revenue and commercial activity for clubs, especially for those that qualify for the knockout phase of the competition.

"This inevitably makes a significant contribution to the annual turnover of the clubs involved. Moreover, revenues earned from UEFA Champions League football will be especially important to clubs at the moment, given difficult operating conditions across the world."

Such earnings come from a raft of sources including UEFA participation payments, prize money, a share of UEFA commercial revenues from the tournament, ticket sales, marketing income such as sponsorship and sales of merchandise, food and beverages and increased squad value, the statement said.

The survey found that a team reaching the last 16, the first knockout stage, will have earned on average €9.4 million in prize money alone.

The new European champions could get €21.9 million in prize money before all other earnings are taken into account, it added.