Europe's top soccer clubs collectively lost more than $2 billion in 2010 and their debts keep rising ahead of plans to sanction clubs for overspending, according to UEFA research published Wednesday.

Financial accounts from about 655 clubs revealed 56 percent lost money in the 2010 financial year, and their total debt was $10.9 billion.

UEFA general secretary Gianni Infantino said it was "a last wake-up call," with clubs subject to UEFA's financial fair play monitoring since July 2011. Clubs that overspend in an initial two-year monitoring period can be excluded from UEFA competitions starting in the 2014-15 season.

"We must end this negative spiral and gamble for success," Infantino said at a briefing.

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