Liverpool are among the Premier League clubs who could pay a huge rebate to TV companies.
This is a result of the coronavirus pandemic which continues to affect clubs across Europe.
As well as the Reds, London clubs Arsenal, Chelsea and Tottenham plus Manchester United and Man City may be impacted alongside Wolves.
This is because all of them represented England in the Champions League and Europa League during the 2019-20 campaign.
And along with the rest of Europe's elite, they are facing a cash blow.
European Club Association chairman Andrea Agnelli confirmed on Tuesday that the continent’s biggest sides and UEFA have agreed to pay back a total of £519 million to its broadcast partners.
"We are looking at top revenue decrease of approximately €4 billion in the next two years and according to FIFA, 90 per cent of those top-line losses will be borne by clubs.
"We have seen very important rebates to the principal broadcasters both at domestic level and at international level.
"We have seen a £330 million rebate in the Premier League, we have seen a downturn in the Bundesliga domestic rights of about €200million, we are in the process of finalising the account with UEFA with a reduction of around €575 million (£519m) for the international club competitions, and that is all money that is normally distributed.
"There will be a 20-30 percent drop in operations.
"We will have to be very careful about how we manage this transition, as there is a collapse in revenues and economies.
"Some big clubs will suffer more significant losses than entire federations. We are halfway through a crisis and it is not over yet, we have to face it.
"As clubs we have to restart with dialogue, the crisis is profound for everyone. The crisis affects everyone, big and small.
"The hope is that a responsible reaction on the part of all, can lead us out of the crisis."
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