Analysis: Major Italian clubs have since 2017 incurred operating losses of more than €1 billion

Even before the global pandemic, nine-figure operating losses were quite regular in the annual reports of major European clubs.

The expectation of serious reductions in transfer activity and transfer sums will likely result in several repercussions for top Italian clubs, who accumulated combined operating losses of more than €1 billion since 2017.

Of the clubs included in the analysis, 49 had wage-to-revenue ratios equal to or above UEFA benchmark. Over the past three years, 47 of the 49 clubs averaged operating losses - equivalent to 96 per cent of the clubs exceeding the risk indicator.

Among the 20 clubs with the largest operating losses are the so-called "talent monetisers" like Athletic Bilbao, Lyon and Benfica.