APOEL keeps head above water thanks to Champions League cash
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.