Panathinaikos accounts problematic but improving

Panathinaikos accounts problematic but improving

Panathinaikos F.C. remains in difficult financial waters according to accounting details of the club published by the newspaper Live Sport.

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Revenues stand at below under 20 million euros, while the club has 40 million euros in liabilities and only about 300,000 euros in cash reserves.

The newspaper Live Sport has published the clubs accounts for the financial year which were finalized on the 30th of June under the supervision of the auditing company Grant Thorton.

The budget was approved by the Panathinaikos F.C. board on the 8th of October. Despite a drastic reduction in the operating budget by about 6 million euros, the budget has a deficit of 4.5 million euros.

This is because the club has seen a precipitous drop in revenue from 29.6 million euros in 2012-2013 to 19.2 million euros in 2013-2014.

The main cause for the loss in revenue was Panathinaikos’s elimination from European competitions, together with the loss of about 1 million euros in ticket sale revenues

In contrast commercial revenue showed major improvement, reaching 857,000 euros compared to the negligible commercial revenue of 2012-2013.

Panathinaikos also had significant revenue from the sales of players which are counted in the budget for the financial year. Specifically these include the 900,000 euros for Luciano Figueroa, 500,000 for Ornestis Karnezis and 1,000,000 of the 3,000,000 for the transfer of Haris Mavrias to Sunderland. The remaining two million for that transfer will be collected over the next two seasons.

The sins of the past.

Panathinaikos is however still facing significant problems which stem from the cumulated debt of the club. Its liabilities stand at 41 million euros. This however is down by 10,000,000 euros relative to 2012-2013.

According to the club its practice of restructuring obligations to former coaches and footballers helped maintain the club’s sustainability but increased the long-term obligations of to 11,909,517 euros up from 8,056,191 euros in 2012-2013.

The goal of Panathinaikos is now to end the season with a balance of outlays and revenue. However the road to pay off the club’s old debts remains a long one.

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