Hamburg SV Reveals Third Consecutive Loss, $12M In '12-13; Dusseldorf With Record Profit
Bundesliga club Hamburg SV "has for the third consecutive year finished a fiscal year with a distinctive loss," according to DIE WELT. The club "has reportedly finished the year with a loss" of about €9M ($12M). To "contain the feared double-digit million loss, the club reached an agreement with marketing partner SPORTFIVE to extend their contract until '20." In return, SPORTFIVE waived a €12.4M ($16.6M) loan. Hamburg "expects to break even during the '13-14 season." The new marketing contract, higher TV revenue and several transfers, such as Dennis Aogo's loan deal with Schalke, "will bring money into the club's coffers." The main reason for the club's renewed financial trouble "is its on-field performance." After closely avoiding relegation in the summer of '12, the management "imposed new cost-cutting measures." However, after a miserable start to the '12-13 season the measures "were quickly scrapped." It is the club's third consecutive loss after losing €4.9M in '10-11 and €6.6M in '11-12 (DIE WELT, 9/13).
FORTUNA: BILD's Jörg Zschoche reported 2nd Bundesliga club Fortuna Dusseldorf "has generated a record profit" of €3.7M ($4.9M) for the fiscal year ending on June 30. The club, which "was close to bankruptcy eight years ago, is by now debt free." Dusseldorf Financial Dir Paul Jäger said, "A great result which was made possible by record revenues." The club will present its numbers at its annual general meeting on Oct. 8 (BILD, 9/9).