European soccer clubs renew UEFA deal and will share in $4.7 billion revenue for competitions

GENEVA: With billions in prize money to distribute from the revamped Champions League next year, UEFA plans to pay more based on merit and share more among teams across Europe that don’t qualify.

The formula announced Wednesday for distributing money to hundreds of clubs should reduce the guaranteed cash currently paid to wealthy clubs with storied pasts.

UEFA and the influential European Club Association signed a renewed working agreement through 2030.

The accord in place since 2008 aims to ensure stability in European soccer, though it did not prevent 12 storied ECA members from trying to launch the Super League in 2021. That project effectively tried to replace the Champions League in a grab for more money and control but failed within 48 hours.

The Champions League is being revamped next year with 36 teams instead of 32, each guaranteed eight games, and total commercial revenue of €4.4 billion ($4.72 billion) projected Wednesday by UEFA for its men’s club competitions.

That is about an 18 percent increase on this season’s total of more than 3.73 billion euros ($4 billion) of combined gross income for the Champions League, Europa League — which also gets 36 teams — and third-tier Europa Conference League.

However, it is below the “4.6 to 4.8” billion euros range suggested by UEFA just four months ago after a first wave of broadcast deals for the 2024-27 seasons had performed well in Britain, France and the US.

UEFA and ECA have long faced criticism for seeming to skew too much prize money toward elite clubs and helping widen a wealth gap across European soccer.

Seeking to turn that trend Wednesday, UEFA said more of the current gross revenue estimate — 7 percent instead of 4 percent — will be paid to