Football: Player wages soar as European football club losses hit record, says Uefa

LONDON (AP) - Uefa says losses across European football clubs are ballooning as player salaries are soaring, despite the economic crisis engulfing the continent.

A report shows losses by top division clubs trebled over five years to a record ¤1.7 billion (S$2.87 billion), and the cost of paying players leapt 40 per cent to ¤8.6 billion.

But in the 2011 financial year, Uefa found the total debt of the 654 clubs accounts analysed dropped by around 10 per cent to ¤7.7 billion.

However, 62 per cent of clubs breached at least one of the Uefa rules designed to safeguard football's financial future.

And 139 of the 220 clubs playing in the Champions League or Europa League this season breached at least one of the Financial Fair Play rules.