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SBD Global/February 27, 2013/Finance

Handball Bundesliga Club THW Kiel Generates Only $33K In Profits Despite Three Titles

THW Kiel won the German championship in '11-12 without losing a single game -- 34-0.
German Handball Bundesliga (HBL) club THW Kiel "has, despite having one of the most successful seasons in HBL history, only generated modest profits," according to the DPA. The club won the Champions League, DHB-Pokal (German Cup) and the German championship in '11-12. However, the THW has only generated €25,000 ($32,700) during the '11-12 fiscal year. Club spokesperson Christian Robohm said, "The reason are bonus payments to the players for three titles. In the Champions League, we have earned  €500,000 ($653,000) in bonuses." THW Kiel Chair Hinrich Vater added: "Handball isn't football. There aren't any huge sums for titles." One year earlier, the club lost €500,000. Kiel "does not want to reduce its payroll" for the '13-14 season despite its troubles of generating profit. Club Managing Dir Klaus Elwardt said, "The payroll will stay at €9.5M ($12.4M). It certainly won't get any easier to come up with the money as the economic surroundings have become more difficult." Elwardt added that for the club's shareholders the profits are not the main focus, "our titles are their profits" (DPA, 2/19).
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