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Transfer market could shrink up to 30%, says European club boss Agnelli

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(Reuters) - European clubs are facing a cash crisis and the transfer market could shrink by 20%-30% because of the COVID-19 pandemic, the head of the association which represents them said on Tuesday.

Andrea Agnelli, chairman of the European Club Association , said clubs across the continent were losing revenue from broadcasters, gate receipts and sponsors due to measures to combat COVID-19.

"This is going to be a dramatic erosion for us which potentially will turn out to be a cash crisis for most clubs," Agnelli, the president of Serie A champions Juventus, told the ECA general assembly, which was held virtually. The pandemic brought football to a standstill between March and May and forced UEFA to reduce the number of matches in last season's European club competitions.

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