UEFA to demand hefty $336 MILLION in compensation to postpone EURO 2020 until 2021

European football’s governing body will reportedly demand around £275 million ($336mn) in compensation to postpone the EURO 2020 tournament until June 2021 due to the coronavirus outbreak.

The staggering sum which UEFA will reportedly demand from its member clubs is estimated to cover the expenses of putting off the European tournament for 12 months.

READ MORE: Tragic consequences: 21-year-old Spanish football coach dies of coronavirus

The major event is expected to be rescheduled at an emergency UEFA meeting on Tuesday.

The tournament was scheduled to take place from June 12 to July 12, with this year’s edition having a unique format which includes matches across 12 European cities.

The coronavirus outbreak, which has swept across the world, forced the suspension of all major competitions, including the UEFA Champions League and Europa League fixtures.

Currently on an enforced hiatus, the majority of European leagues hope to finish their league competitions in May or June if the situation surrounding the spread of the dangerous virus improves.

Earlier this week, president of the Italian football federation Gabriele Gravina said, "We will propose to UEFA the delay of the European Championship.

"We will try to get to the end of this championship because it is fairer and more correct after the many investments and sacrifices of our clubs."

Gravina said he wants the footballing authorities to give more time for Europe's domestic leagues to complete their seasons and maintain the integrity of their respective competitions.

As it stands, leagues are assessing their options in the event that they are unable to complete their full fixture list before the summer.