SBD Global/November 28, 2013/Finance

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  • Aberdeen Chair Milne Insists Future Of Club Not Under Threat Despite $24M Debt

    Scottish Premiership side Aberdeen Chair Stewart Milne insisted on Tuesday that the club is in "sound financial health" -- despite having debts of more than £15M ($24M), according to Michael Gannon of the Scotland DAILY RECORD. The club made losses last year of £1.4M ($2.4M) "but managed to renegotiate" the terms of its £10M ($16M) bank loans. The bad news is the cash has to be paid back over the next five years but Milne told shareholders at the club's annual general meeting that "he has no concerns about the future of his club." Plans to move to a new stadium on the outskirts of the city "have been put on ice while the finances are put in order and they can thrash out a deal with the council." The new stadium "is key" to the club's long-term future. It "needs to punt Pittodrie and crack a deal for new land with the council which would help clear the debt." Milne "has already stumped up" more than £2M ($3.3M) on development costs for the proposed site at Loirston and does not intend to abandon his plans just yet. Milne: "There is still work going on with the new stadium but we have made a conscious decision to drive forward the football and business side of the club" (DAILY RECORD, 11/27).

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  • TSG Hoffenheim Reports $5.7M Loss For '12-13; Union Berlin With Record Results

    Bundesliga club TSG Hoffenheim has released its financial numbers for the '12-13 fiscal year in which it lost €4.2M ($5.7M), according to the SWR. Hoffenheim CFO Frank Briel said, "The effects of the previous season will negatively affect the operating result of the current '13-14 fiscal year." The club, which only avoided relegation in a playoff, "conducted several bad and expensive transfers as well as coaching changes during the '12-13 season." The club generated total revenue of €76.7M ($104.3M). During the '11-12 season, Hoffenheim made a profit of €1.7M. The club was able to balance last season's loss due to its high capital. Hoffenheim reportedly has a capital of €132.9M ($190.2M) (SWR, 11/26).

    UNION BERLIN: In Berlin, Michael Färber reported 2nd Bundesliga club Union Berlin "presented record results to its members" Club President Dirk Zingler said that the team generated a profit of €1.18M ($1.6M) during the '12-13 season. Union Berlin reported increased revenue of €20.49M ($27.9M) compared to last year's €17.13M. On the expenditure side, the club reported €19.31M ($26.3M), which is also an increase in comparison to the previous year (€16.73M). The profit of €1.18M "is only slightly below the club's record profit" of €1.32M from the '09-10 season (BERLINER MORGENPOST, 11/26).

    FSV FRANKFURT: In Frankfurt, Sebastian Rieth reported 2nd Bundesliga club FSV Frankfurt "finished the previous fiscal year with a loss." Club CFO Clemens Krüger announced a loss of €786,107 ($1.1M) for the '12-13 season at the club's annual meeting. Krüger said that the situation is "not threatening." He said, "The last several years weren't easy but we will manage the turnaround." The construction of the new main stand and increased expenses in regards to points bonuses have negatively influenced the result (FRANKFURTER RUNDSCHAU, 11/27).

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  • Manny Pacquiao's Promoter Hits Back Over Claims Of Unpaid Taxes In U.S.

    Boxer Manny Pacquiao's promoter, Bob Arum, said that he "expects certified US tax paperwork for the Philippine boxing hero to be received by authorities in his homeland 'very soon' after they froze the fighter’s assets," according to the AFP. Arum said that allegations of 2.2B pesos ($50M) in unpaid taxes from U.S. bouts in '08 and '09 "are false and that his Top Rank agency made certain the proper money was paid to US authorities just to avoid such problems." Arum said, "Filipino authorities confirmed that Manny is not required to pay double tax. If Manny paid U.S. taxes for fights and endorsements that occurred on U.S. soil, he is not required to pay double taxes in the Philippines" (AFP, 11/27).

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