Bayern Munich's Annual Turnover Of $529M Best In 113 Years, Reduces President To Tears
Bayern Munich President Uli Hoeness, facing trial for tax evasion next year, "broke down in tears as the club posted their best financial results in 113 years," according to Karolos Grohmann of REUTERS. Hoeness, who "received several standing ovations, could not hold back his tears as club bosses heaped praise on him following a treble-winning season." Turnover stood at €393M ($529M), up from €332M in '11-12. When turnover for the Allianz Arena Stadium Ltd. was "taken into account," the club said at its annual general assembly that the figure cracked the €400M ($538.7M) mark for the first time and stood at €432.8M ($583M). Hoeness, at the club for "more than 40 years as player, manager and president, addressed his legal woes, saying he had made a mistake in relation to a Swiss bank account." Hoeness: "I made a big mistake by not having investment income abroad taxed. I did not take hundreds of millions out of the country. I will face this mistake" (REUTERS, 11/14). The DEUTSCHE WELLE reported Bayern said its group operating profit rose 11% to €95.6M ($128.8M), with net profit increasing 30% to €14M ($19M). Shareholder dividends "will also be a record" €8.25M ($11.1M), or "30 cents per share." The club also "announced a dramatic increase in sponsorship and marketing revenues," which jumped to €102M ($137.4M) compared to €82M last season. Club membership, "already the highest of any team in Germany, swelled from 195,689 last season to 223,985" (DEUTSCHE WELLE, 11/13).