“The timing could hardly have been more acute for the release by UEFA of a report into the financial excesses of Europe’s top clubs, just as Portsmouth were placed, insolvent, into the knacker’s yard of administration. UEFA’s report, ‘The European Club Footballing Landscape,’ a mammoth comparison of 654 clubs in the top divisions across Europe, showed that more money is coming in than ever before, but almost half of clubs overall, 47 per cent, still made losses in 2008. European football, the richest club sport in the world, lost €578million (£513m) in total.” (World Soccer)