Bundesliga Side VfB Stuttgart Reveals Biggest Financial Loss In Club History
Bundesliga club VfB Stuttgart "announced the biggest loss in team history" at a press conference on Monday, according to Julia Klassen of the STUTTGARTER ZEITUNG. Club CFO Ulrich Ruf said, "This is the biggest loss we ever had." The club's revenue decreased by around €7.74M ($10.2M) to €109.2M ($144M) for the year ending on Dec. 31. Opposite from the revenue stood expenditures of €119M ($156.8M). Despite the loss, the club "is in an appealing financial situation." Ruf: "The VfB is very liquid, it is in a very comfortable situation. I haven't had that often in my career. We are always capable to act." The club's capital is €11.8M ($15.6M). The big loss "was expected." The main reason for the loss "is bad transfer politics after winning the Bundesliga title" in '07. Former Board Exec Dieter Hundt said, "There have been several transfers that linger financially until today." Ruf "refrained from giving a projection for the current financial year" (STUTTGARTER NACHRICHTEN, 7/23). The DPA reported the team's loss is around €9.7M ($12.8M). During the previous year, Stuttgart generated a profit of €70,837 (DPA, 7/23).