Spine reporting here:
Marking a congress at which Cavcav was elected chairman for the 21st time, Gencler have been shockingly open and published some of their financial statements:
assets and liabilities: http://www.genclerbirligi.org.tr/bilanco.pdf
(address suspiciously empty url at time of posting, did they fear the taxman and take it down?)
They're not super-detailed but they do show the following, if I am reading correctly.
a) club not "debt-free": there was 9.3 million TL in short-term debts in 2011, some to banks, but the bulk to individuals and players. To be fair, debt has dropped sharply from 19.3 million in 2009.
b) they report a doubling of sales income (I don't know what this line item covers) to 43.9 million in 2011 from 21 m in 2010. in the same period, operating expenditure rose to 34m from 25m
c) which helps explain the net income of 17.4m reported for 2011, compared to losses of 3.9m in 2010 and 11.2m in 2009.
Finally, season ticket prices are out, and little changed for us: 100 in maraton:
The club may have short term debts but all up it has assets of 69 million.ReplyDelete
Am I seeing this right Spine?
By the way Spine, the income statement is working now.ReplyDelete
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