Osasuna shoots up its debt in the first semester due to the staff and expansion of El Sadar

CA Osasuna closes the first part of the season with an increase in debt. The LaLiga club publishes the intermediate financial results for the 2019-2020 season, in which the debt with credit institutions has grown by 48% to 23.65 million euros, as a result of the investment in the workforce and the improvement work in the El Sadar stadium.

Of these, 15.5 million correspond to long-term debt and 8.13 million to short-term. Net debt, meanwhile, stood at 43 million euros at the end of the period, which represents an increase of 38.7%.

The red set highlights “the effort made in the preparation of the sports template“To” achieve permanence in the first team “, an objective practically assured since with four days to go he occupies eleventh place with ten points of advantage over the relegation positions.

CA Osasuna will pay three million euros for the loans for the stadium works this season

At the same time, “the stadium expansion works and the need to borrow to carry out this work ”mean that, as of December 31, 2020, the working capital was negative at 26.33 million euros (for 22.09 million at the end of 2019-2020), while the net debt amounts to 43.29 million euros (31.02 million six months earlier).

In any case, the club assures that “this situation will be corrected in the 2020-2021 season and following, to the extent that the stadium loan is amortized and the treasury normalizes.” The club is preparing a dossier so that the members know the actions “in the reform of the stadium, its cost and its form of payment.”

The company has ten loans with credit institutions, after paying off the leasing of the pricking machine and sign three new loans in the last semester with Santander and Banco Caja Rural, of three million each, and a loan with La Caixa for 1.5 million.

The company also has a debt with Caja Rural de Navarra, which went from 829,481 euros in June 2020 to 5.53 million euros at the end of December (of which 4.25 million are pending amortization). A situation similar to a loan from Banco Santander and another from Banco Sabadell, which increased from 691,234 euros to 4.61 million euros in that period. These three loans are guaranteed by the Government of Navarra.

The club’s net debt increased by 38.7%, to 43 million euros

This season, the club must face the payment of three million euros of the stadium loan, and if it certifies the permanence it will be another three million in the 2021-2022 season. To which must be added that “the amounts pending payment for the reforms requested in the stadium outside the initial project will be satisfied for the most part throughout 2021 and the first months of 2022, also reducing indebtedness.” From there, the evolution of the debt “will depend mainly on the return of the public to the stadiums and also on the evolution of the television rights market”, maintains the club, with a forecast of a “slight” improvement in audiovisual income in 2021-2022 pending the signing of the future contract for the audiovisual rights of the competition.

The club calculates that has stopped earning more than 10 million euros in the last two seasons due to the coronavirus, “Something that obviously has an impact on the debt and the treasury,” he detailed in a statement. As of December 31, the company had cash and other equivalent assets worth one million euros, half the number six months earlier.

Osasuna closed December with income of 27.91 million euros, a similar figure to last season despite the coronavirus, and profits of 2.1 million euros, maintaining the line of the budget presented to the ordinary general assembly. Profits will decrease in the second semester, with the forecast of closing the year with black numbers of 300,000 euros. The club’s net worth stood at 23.7 million euros.

Osasuna maintains a turnover similar to that of last season despite the pandemic crisis

Sponsorship revenues have grown by 40%, to 3.5 million euros, which “makes it possible to compensate for the loss of income in other chapters.” To this game are added 584,898 euros for partners, in a season in which the club will stop receiving about three million euros for this concept and one million euros per box office, as it cannot open the stadium to the public. In addition, you have entered 23.6 million for television rights, Of which this season will receive 95% due to the impact of the pandemic on the hospitality sector, which will mean about 2.5 million euros less for the club.

In addition, the club has secured some exceptional revenue of 4.96 million euros as a result of the transfer of Luis Perea to CD Leganés (three million), plus other operations related to Álex Berenguer, Pervis Estupiñán and Oihan Sancet. Finally, personnel expenses remain stable, representing 17.93 million euros, for 35.86 million euros during the 2019-2020 season.

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