Impact of U.S. Dollar Decline on UEFA’s Financial Performance

Last year, the decline in the value of the U.S. dollar cost UEFA approximately $55 million.

In the first few months of 2025, the dollar depreciated by around 9% against various foreign currencies, a trend economists associated with diminished investor confidence in the U.S. under President Donald Trump, who resumed office in January.

UEFA attributed the foreign exchange losses to “economic, market, and geopolitical dynamics” coupled with a “sudden weakening of the U.S. dollar,” which impacted its financial accounts for the 2024-25 football season.

The organization noted in its recent 52-page annual financial report that it had previously benefitted from a strong U.S. dollar, resulting in significant foreign exchange gains. However, as of March 2025, the situation reversed dramatically, leading to currency exchange losses amounting to €47 million.

This figure translated to approximately $54.5 million based on the exchange rate at that time. Notably, this loss nearly matched UEFA’s overall net result of minus-€46.2 million ($53.6 million), which was covered using its reserves.

The depreciation of the dollar reduced UEFA’s reserves to €521.8 million ($605 million) as of the end of June, just above the €500 million threshold that ensures funding for its 55 member federations and the organization of competitions at all levels, from senior to youth.

Despite UEFA’s club events, such as the Champions League, generating billions annually, the majority of these funds are allocated as prize money, resulting in minimal profits for the organization, headquartered in Nyon, Switzerland.

The four-yearly men’s European Championship, which earned approximately €2.5 billion in 2024 in Germany, serves as a crucial source of revenue, bolstering UEFA’s reserves and supporting its primary funding program, “HatTrick,” which significantly benefits its members compared to FIFA distributions.

In its financial report, UEFA emphasized the necessity of maintaining a substantial U.S. dollar position to support outstanding hedge transactions. As the dollar’s value began to decline a year ago, the organization indicated that substantial losses became unavoidable.

The foreign exchange results had remained consistently positive for several years; however, this trend shifted in the spring of 2025 due to various economic, market, and geopolitical factors. UEFA also expressed disappointment regarding its asset management performance last year, particularly in contrast to the exceptionally strong results of the 2023-24 fiscal year, which was influenced by the previous U.S. administration.