Sky has claimed it won the battle over Premier League television rights after BT Sport tried to "muscle in".
The £5.136bn deal for the 2016-19 rights was announced this week with Sky paying £4.176bn for 126 matches including the new Friday night slot, while BT Sport will pay £960m for 42 games.
Sky has almost doubled its investment to retain five of the seven packages but corporate affairs director Graham McWilliam believes it can absorb the costs.
Young football viewers have said they are reluctant over BT Sport's deal with Uefa to air both the Champions League and the Europa League for three years from 2015, adding that it would not "inspire" children to play.
The chief executive of BT has told ITV News that BT Sport will still be "very accessible" to viewers after it secured the rights of both the Champions League and the Europa League for three years from 2015.
Gavin Patterson added that it would be a "very modest amount" to access games throughout the season.
Daniel Geey, a sports layer at Field Fisher Waterhouse has told ITV News that securing exclusive television rights of both the Champions League and the Europa League is "significant" for BT Sport.
ITV have said they were not prepared to "pay over the odds" for live Champions League and Europa League television rights.
BT Sport's acquisition ends ITV's 21-year association with the competition regarded as the world's greatest club competition.
"ITV is proud to have been the UK free to air broadcaster of the Champions League, since it launched in 1992, and of the Europa League, but we were not prepared to pay over the odds in the latest live rights round," an ITV spokesman said.
"Viewers will be able to continue to watch both competitions free on ITV through to 2015 and we remain the home of live England football."
Former footballer and Match of the Day host Gary Lineker believes BT Sport "means business" after the company announced a £897 million deal to broadcast live coverage of Champions League and Europa League games.
Sky have said BT Sport paid "far in excess" of its valuation for live rights to Champions League and Europa League coverage.
BT Sport, who launched two sports channels this year, have agreed a three-year deal worth£897 million for the rights, taking over the coverage currently shared by ITV and Sky.
In a statement, Sky said: "We bid with a clear view of what the rights are worth to us. It seems BT chose to pay far in excess of our valuation.
"There are many ways in which we can invest in our service for customers. We take a disciplined approach and there is always a level at which we will choose to focus on something else. If we thought it was worth more, we'd have paid more.
"Nothing changes until 2015 and we look forward to 18 more months of live Champions League on Sky Sports."
BT Sport has successfully beaten Sky and ITV to the exclusive live coverage of Champions League football in a move widely seen as a huge statement of intent from the company.
Here are the key points:
- BT has agreed a three year deal costing £897 million
- The company will show exclusive coverage of all 350 matches from both the Uefa Champions League and the Europa League
- The deal, costing £299 million per season, starts in 2015
- It is the first time a UK broadcaster has won the exclusive rights
- The company have pledged to show a selection of matches for free including the final
- They will also broadcast at least one match involving each British team for free every season