APOEL keeps head above wa­ter thanks to Cham­pi­ons League cash

Financial Mirror (Cyprus) - - FRONT PAGE -

APOEL FC Ltd more-or-less broke even for the 2017-2018 foot­ball sea­son, de­spite the club re­ceiv­ing a whopping EUR 17.25 mln from their Cham­pi­ons League ex­ploits.

An­nounc­ing the fi­nan­cial re­sults, APOEL CEO Pro­dro­mos Petrides said that the club, in to­tal, had gen­er­ated EUR 24 mln, while ex­penses fell just short of that amount at 23.7 mln. Petrides told APOEL’s gen­eral assem­bly that to­tal rev­enues for the 20172018 sea­son amounted to EUR 24 mln of which EUR 17.25 is what the club re­ceived from its par­tic­i­pa­tion in the UEFA Cham­pi­ons League qual­i­fiers and group stage. And the re­main­ing EUR 6.75 mln re­lates to rev­enues in­clud­ing gross earn­ings, ticket sales, spon­sor­ships, TV rights, other rev­enue such as income from the trans­fer or loan­ing of play­ers.

Com­ment­ing on the poor per­for­mance as far as ticket sales are con­cerned, the CEO ex­pressed his dis­ap­point­ment about the no­tice­able dip in the sale of match-day tick­ets be­cause of the con­tin­u­ing de­cline in the num­bers com­ing to watch APOEL.

APOEL said that a to­tal of EUR 19.5 mln was spent on the foot­ball team (this in­cludes the player’s pay­roll, tech­ni­cal staff, med­i­cal ex­penses, travel, costs of man­age­ment and main­te­nance of the train­ing ground and other ex­penses for man­age­ment).

An ex­tra EUR 2.4 mln was spent on the build­ing of a new train­ing fa­cil­ity at the team’s ex­ist­ing cen­tre in Ni­cosia, which es­ti­mated to cost a to­tal of EUR 3.1 mln.

In ad­di­tion to the ex­penses men­tioned above, an amount of EUR 600,000 was also added to the bill for the team’s academy and ‘Grass­roots’ di­vi­sions. EUR 1.2 mln was spent on ad­min­is­tra­tion costs, in­clud­ing pay­ing fines im­posed by UEFA and the CFA, ticket man­age­ment costs, as well as fi­nanc­ing costs and re­pay­ment of loans.

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