NOVEL NEXT i am gun king
Chapter 448 Finance and Reality
Chapter 448 Finance and Reality
For Arsenal, which has been operating properly with a large cash reserve and a balance of payments over the years, the Financial Fair Play Act is a rare opportunity, but the pits dug in the past few years are too big!
According to the Arsenal Club just announced last season's financial report, the data show that as of May 2013, 5, Arsenal's pre-tax profit was 31 million pounds, while the club's cash reserves were as high as 2470 million pounds.
In the past year, the total financial income of the Arsenal club reached 3.293 million pounds, an increase of 3060 million pounds compared with the previous year, which was mainly due to the cooperation with sponsor Puma and the great success of the Asian tour.
In addition, with the change of the club's salary structure, the salary cost of players reached a new high, reaching 1.922 million pounds, accounting for 58.4% of the total football revenue.
In terms of player sales, Arsenal earned £2890m, up from £2013m in 690.
In addition, Arsenal officially revealed that the club currently has no short-term debts, has a total cash reserve of 1.931 million pounds, and is in good financial condition.
Arsenal chief executive Ghazidis said: "We are committed to further success, staying true to our principles while continuing to grow our business. The team will focus on investing in youth, maintaining our style of football and maintaining our commitment to our fans."
Arsenal's data ranks No.1 in football.Ranked No.2 on the list is Manchester United. The Red Devils have a cash reserve of 1.56 million pounds, which is only slightly lower than Arsenal.In terms of other giants, Real Madrid's cash reserves are 8400 million pounds, which is only slightly more than half that of Arsenal.Bayern's figure is £7800 million, while Barcelona's is £5800 million.Manchester City, the local tycoon of the Premier League, has a cash reserve of 7500 million pounds.
However, although the financial situation is good, the fans do not buy what Gazidis said, especially since the club has not made a big move this summer. In fact, although Arsenal have bought Buffon, Cazorla, Ozil, and other strong support in recent years, due to the non-stop sales of Cesc Fabregas, Nasri, Alexander Song, and Van Persie’s departure, Arsenal did not spend too much in the transfer market in recent years. The total cost of the Manchester City team is 8 million pounds, with an average cost of nearly 3 million pounds per season. Of course, if only the data after the Abu Dhabi consortium took over, the average cost per season will be even more astonishing: Manchester City’s total expenditure in 1689.5 was 4000 million pounds, and the total expenditure in 08 was 7770 million pounds.
However, Manchester City's transfer expenditure is not as good as Chelsea's. The total expenditure of the Blues in 8 years reached 4 million pounds.In fact, the average annual expenditure of the two clubs is almost the same, but it is clear that Abramovich has not had the courage to spend a lot of money in recent years, and there is not even a transfer of more than 3000 million this summer.It is foreseeable that in the next few years, the Premier League transfer market will still be dominated by Manchester City.
It is surprising that Tottenham can rank third in the net investment list. Their years of investment finally paid off last season.Followed by Liverpool, Aston Villa, Sunderland, Birmingham and Manchester United, if not for the 8000 million pounds brought by Ronaldo, Manchester United's net investment will be the same as that of Tottenham.
It can be said that Arsenal, Arsene Wenger's team ranked second to last in the net investment list, the last is Blackburn. In 8 years, Wenger's transfer expenses totaled only 1 million pounds, which was not much higher than Manchester City's single-season expenses, and Wenger made a profit during the 4300-year transfer. They received a total of 8 million pounds.Under such a premise, Wenger has always kept Arsenal competitive for the championship, and has never fallen out of the top four. It is indeed commendable. Of course, Li Yuxin also played a major role.
It should be pointed out that since 2010, Arsenal's cash has continued to increase from 1.27 million pounds, and finally reached such an astonishing figure.
In the Premier League, except for Manchester United, which holds 1.5 million, the cash reserves of each club in 2015 did not exceed 4000 million.Unlike Manchester United, which is recruiting heavily, Arsenal did not make too much waves in the transfer market, and became the source of "hundred million interest deposits" in the mouth of fans.
Meanwhile, Arsenal's financial liabilities include short-term borrowings of £700m and long-term borrowings of £2.26m.As mentioned above, the loan for the Highbury apartment project was paid off in 2010, and the remaining 2 million yuan is the long-term bond issued for the construction of the Emirates Stadium, which will not fully mature until 2031.
Using net financial debt, which is the net amount after subtracting cash from borrowings, may be the most appropriate way to show Arsenal's long road to repaying loans.In the past eight years, Arsenal's net financial liabilities have been reduced from more than 8 million pounds to just over 3 million pounds.In other words, Arsenal's current cash reserves can basically offset all debts.
So, how should the 2.28 million cash be used?
First of all, prepayment in full is completely meaningless behavior.Arsenal is currently in a stable and profitable business situation. There is almost no pressure on the annual repayment of 1500 million pounds, and the interest rate of less than 6% is completely acceptable.Instead of repaying the loan in advance, it is better to use the money as gunpowder in the arsenal. When an ideal transfer target appears, you can use a one-time payment to seize the opportunity.Such as Ozil, such as Sanchez is one of the masterpieces.
Secondly, it is not realistic to throw them all into the transfer market as the fans expect.Spending 2 million pounds to buy people will not only lead to a huge increase in wages and cause turmoil in the dressing room, but will also affect the long-term solvency in the future.
In the past ten years, Arsenal's investment in the transfer market can be divided into two obvious stages. Until the Highbury loan was paid off in 2010, the Gunners were strictly limited in spending on player purchases. After 2010, Arsenal’s net expenditure in the transfer market has been rising year by year under the pressure. They did not hesitate to win Ozil and Buffon.In the past, after leaving Arsenal, many players complained that Arsenal's development of player treatment could not keep up with the pace of world football.This season, Arsenal's total salary has reached 1.92 million pounds, which is almost on par with Manchester United, Manchester City and Chelsea.
However, in Arsenal's team building system, the wages for players have always been relatively average.At present, the maximum salary in the Arsenal team is Li Yuxin's weekly salary of 14 pounds. At the same time, only Ozil, Sanchez, Walcott, Giroud, and Petr Cech have exceeded 10 pounds.Most players, including substitutes, have a weekly salary between 4 and 8.
The salary structure is relatively average, which is conducive to the unity of the locker room and facilitates the club's salary control.But at the same time, this method is likely to cause dissatisfaction with the treatment of world-class stars, and it is difficult to clean up high-paid substitutes.Whether such a salary structure needs to be broken will continue to be a topic of debate among gun fans.
For the club's head coach Wenger, the topic of signings lies in the choice of left back and whether to introduce more big-name players!
The current Arsenal is indeed much richer financially, but it is still very shabby compared to other giants. After all, Arsenal spends hard-earned money, not as rich and powerful as other clubs, such as Real Madrid. In the 05 seasons since 06/10, Real Madrid has invested more than 11 billion euros in purchasing players.
From Luis Figo, Zidane, Ronaldinho, Beckham in the early years to Ronaldo, Kaka, and Bale in recent years, it has become Real Madrid's "prescribed action" to introduce at least one world-renowned star every year. People can't help asking, where does Real Madrid, which can create a sensation in the transfer market every year, come from so much money?
Despite failing to win the 2012/13 La Liga title, Galacticos became the only club to earn more than €5 million at the end of the season.This season, Real Madrid's revenue is as high as 5.189 million euros, and the Champions League alone (a single event) has 5700 million euros; and the commercial sponsorship brought by big-name players and the club's own brand has made the club a lot of money.
On the other hand, every time Real Madrid introduces new stars, relatively "old" stars will be put on the shelves.When Kaka and Ronaldo joined in succession, Peter Pan Robben and Sneijder () had to go their separate ways. In the past ten seasons, Real Madrid's income from selling people reached 4.57 million euros, which provided support for the team to continue buying people.
Of course, Real Madrid's political status and social influence in Madrid and even Spain have also made many banks willing to provide them with preferential loans. Buying a few stars is just a trivial matter.
In the 2003/04 season, when the "heartbeat" Beckham parachuted from Manchester to Madrid, Florentino was criticized for "spending money recklessly".And four years later, when the huge income of 3.15 million pounds was written into Real Madrid's books, those critics had to give a thumbs up to the signing of "Lafayette".
Just like the benefits brought by the "Bei brand" to Real Madrid, superstars such as Figo, Zidane, Irving, Kaka, Ronaldo, Bell and other superstars brought not only superb skills to the Galaxy Battleship, but also a lot of money.Because of their existence, Real Madrid's commercial game appearance fees have skyrocketed year after year, and sponsorship contracts have increased in batches. The superstar effect has become an important factor for the club's profitability.
In the 2014 list of the world's 50 most valuable clubs released by "Forbes", Real Madrid ranked first for two consecutive years with a market value of 34.4 billion U.S. dollars; and in the global football club revenue ranking released by Deloitte in early 2014, Real Madrid also topped the list with a revenue of 5.189 million euros. This is the ninth consecutive year that they have occupied the top spot.In a sense, the word "Real Madrid" is the most valuable brand in the world sports world.
Among the many European giants, there are not a few clubs that have achieved high profitability, especially the Red Devils Manchester United, which has been on par with Real Madrid in terms of revenue for many years, is one of the best.But how much you earn is not important, it is how much you spend that matters.Compared with the stingy Glazer family, the management of the Real Madrid club has never been stingy with money, and the investment of hundreds of millions of euros every year has always made the Galacticos superstars gather.
The reason is that the club membership system is the biggest driving force behind Real Madrid's daring to spend a lot of money.In fact, Spanish football clubs used to be dominated by membership, but the characteristics of "teams spend money and members pay the bill" have made many small and medium-sized clubs run poorly and are on the verge of bankruptcy.In the early 90s, the government ordered large and small Spanish clubs to abolish membership and reorganize into limited liability sports companies.The well-run Real Madrid is one of the special cases, they have not been washed away by the wave of reform.
The club has never been monopolized by a certain group or private person, and the owners are all members; no matter which chairman is in charge of the club, he does not occupy any special shares, but only fulfills his tenure duties.The club’s operating income can be spent in full, or even overdrafted. The excess can be made up by collecting membership fees in the coming year or signing more sponsorship contracts... Although Spain’s overall economic strength is second-rate in Europe, the membership system has made Real Madrid a world-class club.
Real Madrid's ability to buy stars without any worries is also inseparable from Spain's tax system.
In 2003, in order to introduce Beckham, Real Madrid chairman Florentino successfully persuaded the then Spanish Prime Minister Aznar to set up a clause to reduce the taxation of foreign employees, stipulating that qualified foreign players only need to pay 5% personal income tax in the first five years of playing in La Liga.This is the famous "Beckham Act". Kaka, Cristiano Ronaldo, Arjen Robben, and Sneijder who moved to Real Madrid before 24 are all beneficiaries of this bill. If these stars transfer to Serie A, Premier League or even Ligue 2010, buying their clubs will cost tens of millions of euros each year due to high tax rates.
However, in order to protect the interests of domestic players, the Spanish government stipulates that starting from January 2010, 1, all foreigners who sign new contracts in Spain must pay the same 1% personal income tax as the Spaniards.Although this tax rate is almost double that of the previous one, La Liga teams are still lucky compared with the tax rates of more than 43% in Italy and the United Kingdom.
In recent years, as the personal income tax rate in Spain has increased year by year, the tax system is no longer an absolute advantage for La Liga team signings.However, Real Madrid did not slow down the pace of introducing stars because of this.
It can be said that Real Madrid is really rich and powerful, no one in European football is richer than Real Madrid!Although Barcelona’s business development is much worse than Real Madrid’s, Barcelona is not short of money. Although during the period from 04 to 06, due to the rise of Dream II and the great success of the Barcelona club in terms of tickets and commercial promotion brought by winning the European Champions Cup, Barcelona once allowed Barcelona to accumulate a profit of 2 million euros in 7000 years.
However, due to the difficulties of Dream II and Laporta's contract renewal plan to increase player wages after winning the Champions League in 06, Barcelona's profits fell into a period of shrinking in the following years.And after the re-emergence of Dream Three, because several major signings were not successful, this caused Barcelona to suffer a huge loss at the end of 10.And the debt has returned to a peak again. At that time, it was the highest value of Barcelona's net debt, reaching 4.31 million.
With the third generation of Barcelona's dream, Habaip's gradual aging and decline in performance, Barcelona's income did not increase significantly. However, in those few years, Barcelona still made gratifying progress in terms of finance by reducing fees and expenses. In the three years from 2011 to 14, Barcelona achieved a net profit of 3 million euros.This allowed Barcelona to finally reduce its net debt to 1.22 million euros by the deadline of the 14 financial report.
After all, Barcelona is strong. It can be said that despite the high debt, Barcelona's income and background are still better than many clubs!
It can be said that Arsenal still has limited financial resources!
(End of this chapter)
For Arsenal, which has been operating properly with a large cash reserve and a balance of payments over the years, the Financial Fair Play Act is a rare opportunity, but the pits dug in the past few years are too big!
According to the Arsenal Club just announced last season's financial report, the data show that as of May 2013, 5, Arsenal's pre-tax profit was 31 million pounds, while the club's cash reserves were as high as 2470 million pounds.
In the past year, the total financial income of the Arsenal club reached 3.293 million pounds, an increase of 3060 million pounds compared with the previous year, which was mainly due to the cooperation with sponsor Puma and the great success of the Asian tour.
In addition, with the change of the club's salary structure, the salary cost of players reached a new high, reaching 1.922 million pounds, accounting for 58.4% of the total football revenue.
In terms of player sales, Arsenal earned £2890m, up from £2013m in 690.
In addition, Arsenal officially revealed that the club currently has no short-term debts, has a total cash reserve of 1.931 million pounds, and is in good financial condition.
Arsenal chief executive Ghazidis said: "We are committed to further success, staying true to our principles while continuing to grow our business. The team will focus on investing in youth, maintaining our style of football and maintaining our commitment to our fans."
Arsenal's data ranks No.1 in football.Ranked No.2 on the list is Manchester United. The Red Devils have a cash reserve of 1.56 million pounds, which is only slightly lower than Arsenal.In terms of other giants, Real Madrid's cash reserves are 8400 million pounds, which is only slightly more than half that of Arsenal.Bayern's figure is £7800 million, while Barcelona's is £5800 million.Manchester City, the local tycoon of the Premier League, has a cash reserve of 7500 million pounds.
However, although the financial situation is good, the fans do not buy what Gazidis said, especially since the club has not made a big move this summer. In fact, although Arsenal have bought Buffon, Cazorla, Ozil, and other strong support in recent years, due to the non-stop sales of Cesc Fabregas, Nasri, Alexander Song, and Van Persie’s departure, Arsenal did not spend too much in the transfer market in recent years. The total cost of the Manchester City team is 8 million pounds, with an average cost of nearly 3 million pounds per season. Of course, if only the data after the Abu Dhabi consortium took over, the average cost per season will be even more astonishing: Manchester City’s total expenditure in 1689.5 was 4000 million pounds, and the total expenditure in 08 was 7770 million pounds.
However, Manchester City's transfer expenditure is not as good as Chelsea's. The total expenditure of the Blues in 8 years reached 4 million pounds.In fact, the average annual expenditure of the two clubs is almost the same, but it is clear that Abramovich has not had the courage to spend a lot of money in recent years, and there is not even a transfer of more than 3000 million this summer.It is foreseeable that in the next few years, the Premier League transfer market will still be dominated by Manchester City.
It is surprising that Tottenham can rank third in the net investment list. Their years of investment finally paid off last season.Followed by Liverpool, Aston Villa, Sunderland, Birmingham and Manchester United, if not for the 8000 million pounds brought by Ronaldo, Manchester United's net investment will be the same as that of Tottenham.
It can be said that Arsenal, Arsene Wenger's team ranked second to last in the net investment list, the last is Blackburn. In 8 years, Wenger's transfer expenses totaled only 1 million pounds, which was not much higher than Manchester City's single-season expenses, and Wenger made a profit during the 4300-year transfer. They received a total of 8 million pounds.Under such a premise, Wenger has always kept Arsenal competitive for the championship, and has never fallen out of the top four. It is indeed commendable. Of course, Li Yuxin also played a major role.
It should be pointed out that since 2010, Arsenal's cash has continued to increase from 1.27 million pounds, and finally reached such an astonishing figure.
In the Premier League, except for Manchester United, which holds 1.5 million, the cash reserves of each club in 2015 did not exceed 4000 million.Unlike Manchester United, which is recruiting heavily, Arsenal did not make too much waves in the transfer market, and became the source of "hundred million interest deposits" in the mouth of fans.
Meanwhile, Arsenal's financial liabilities include short-term borrowings of £700m and long-term borrowings of £2.26m.As mentioned above, the loan for the Highbury apartment project was paid off in 2010, and the remaining 2 million yuan is the long-term bond issued for the construction of the Emirates Stadium, which will not fully mature until 2031.
Using net financial debt, which is the net amount after subtracting cash from borrowings, may be the most appropriate way to show Arsenal's long road to repaying loans.In the past eight years, Arsenal's net financial liabilities have been reduced from more than 8 million pounds to just over 3 million pounds.In other words, Arsenal's current cash reserves can basically offset all debts.
So, how should the 2.28 million cash be used?
First of all, prepayment in full is completely meaningless behavior.Arsenal is currently in a stable and profitable business situation. There is almost no pressure on the annual repayment of 1500 million pounds, and the interest rate of less than 6% is completely acceptable.Instead of repaying the loan in advance, it is better to use the money as gunpowder in the arsenal. When an ideal transfer target appears, you can use a one-time payment to seize the opportunity.Such as Ozil, such as Sanchez is one of the masterpieces.
Secondly, it is not realistic to throw them all into the transfer market as the fans expect.Spending 2 million pounds to buy people will not only lead to a huge increase in wages and cause turmoil in the dressing room, but will also affect the long-term solvency in the future.
In the past ten years, Arsenal's investment in the transfer market can be divided into two obvious stages. Until the Highbury loan was paid off in 2010, the Gunners were strictly limited in spending on player purchases. After 2010, Arsenal’s net expenditure in the transfer market has been rising year by year under the pressure. They did not hesitate to win Ozil and Buffon.In the past, after leaving Arsenal, many players complained that Arsenal's development of player treatment could not keep up with the pace of world football.This season, Arsenal's total salary has reached 1.92 million pounds, which is almost on par with Manchester United, Manchester City and Chelsea.
However, in Arsenal's team building system, the wages for players have always been relatively average.At present, the maximum salary in the Arsenal team is Li Yuxin's weekly salary of 14 pounds. At the same time, only Ozil, Sanchez, Walcott, Giroud, and Petr Cech have exceeded 10 pounds.Most players, including substitutes, have a weekly salary between 4 and 8.
The salary structure is relatively average, which is conducive to the unity of the locker room and facilitates the club's salary control.But at the same time, this method is likely to cause dissatisfaction with the treatment of world-class stars, and it is difficult to clean up high-paid substitutes.Whether such a salary structure needs to be broken will continue to be a topic of debate among gun fans.
For the club's head coach Wenger, the topic of signings lies in the choice of left back and whether to introduce more big-name players!
The current Arsenal is indeed much richer financially, but it is still very shabby compared to other giants. After all, Arsenal spends hard-earned money, not as rich and powerful as other clubs, such as Real Madrid. In the 05 seasons since 06/10, Real Madrid has invested more than 11 billion euros in purchasing players.
From Luis Figo, Zidane, Ronaldinho, Beckham in the early years to Ronaldo, Kaka, and Bale in recent years, it has become Real Madrid's "prescribed action" to introduce at least one world-renowned star every year. People can't help asking, where does Real Madrid, which can create a sensation in the transfer market every year, come from so much money?
Despite failing to win the 2012/13 La Liga title, Galacticos became the only club to earn more than €5 million at the end of the season.This season, Real Madrid's revenue is as high as 5.189 million euros, and the Champions League alone (a single event) has 5700 million euros; and the commercial sponsorship brought by big-name players and the club's own brand has made the club a lot of money.
On the other hand, every time Real Madrid introduces new stars, relatively "old" stars will be put on the shelves.When Kaka and Ronaldo joined in succession, Peter Pan Robben and Sneijder () had to go their separate ways. In the past ten seasons, Real Madrid's income from selling people reached 4.57 million euros, which provided support for the team to continue buying people.
Of course, Real Madrid's political status and social influence in Madrid and even Spain have also made many banks willing to provide them with preferential loans. Buying a few stars is just a trivial matter.
In the 2003/04 season, when the "heartbeat" Beckham parachuted from Manchester to Madrid, Florentino was criticized for "spending money recklessly".And four years later, when the huge income of 3.15 million pounds was written into Real Madrid's books, those critics had to give a thumbs up to the signing of "Lafayette".
Just like the benefits brought by the "Bei brand" to Real Madrid, superstars such as Figo, Zidane, Irving, Kaka, Ronaldo, Bell and other superstars brought not only superb skills to the Galaxy Battleship, but also a lot of money.Because of their existence, Real Madrid's commercial game appearance fees have skyrocketed year after year, and sponsorship contracts have increased in batches. The superstar effect has become an important factor for the club's profitability.
In the 2014 list of the world's 50 most valuable clubs released by "Forbes", Real Madrid ranked first for two consecutive years with a market value of 34.4 billion U.S. dollars; and in the global football club revenue ranking released by Deloitte in early 2014, Real Madrid also topped the list with a revenue of 5.189 million euros. This is the ninth consecutive year that they have occupied the top spot.In a sense, the word "Real Madrid" is the most valuable brand in the world sports world.
Among the many European giants, there are not a few clubs that have achieved high profitability, especially the Red Devils Manchester United, which has been on par with Real Madrid in terms of revenue for many years, is one of the best.But how much you earn is not important, it is how much you spend that matters.Compared with the stingy Glazer family, the management of the Real Madrid club has never been stingy with money, and the investment of hundreds of millions of euros every year has always made the Galacticos superstars gather.
The reason is that the club membership system is the biggest driving force behind Real Madrid's daring to spend a lot of money.In fact, Spanish football clubs used to be dominated by membership, but the characteristics of "teams spend money and members pay the bill" have made many small and medium-sized clubs run poorly and are on the verge of bankruptcy.In the early 90s, the government ordered large and small Spanish clubs to abolish membership and reorganize into limited liability sports companies.The well-run Real Madrid is one of the special cases, they have not been washed away by the wave of reform.
The club has never been monopolized by a certain group or private person, and the owners are all members; no matter which chairman is in charge of the club, he does not occupy any special shares, but only fulfills his tenure duties.The club’s operating income can be spent in full, or even overdrafted. The excess can be made up by collecting membership fees in the coming year or signing more sponsorship contracts... Although Spain’s overall economic strength is second-rate in Europe, the membership system has made Real Madrid a world-class club.
Real Madrid's ability to buy stars without any worries is also inseparable from Spain's tax system.
In 2003, in order to introduce Beckham, Real Madrid chairman Florentino successfully persuaded the then Spanish Prime Minister Aznar to set up a clause to reduce the taxation of foreign employees, stipulating that qualified foreign players only need to pay 5% personal income tax in the first five years of playing in La Liga.This is the famous "Beckham Act". Kaka, Cristiano Ronaldo, Arjen Robben, and Sneijder who moved to Real Madrid before 24 are all beneficiaries of this bill. If these stars transfer to Serie A, Premier League or even Ligue 2010, buying their clubs will cost tens of millions of euros each year due to high tax rates.
However, in order to protect the interests of domestic players, the Spanish government stipulates that starting from January 2010, 1, all foreigners who sign new contracts in Spain must pay the same 1% personal income tax as the Spaniards.Although this tax rate is almost double that of the previous one, La Liga teams are still lucky compared with the tax rates of more than 43% in Italy and the United Kingdom.
In recent years, as the personal income tax rate in Spain has increased year by year, the tax system is no longer an absolute advantage for La Liga team signings.However, Real Madrid did not slow down the pace of introducing stars because of this.
It can be said that Real Madrid is really rich and powerful, no one in European football is richer than Real Madrid!Although Barcelona’s business development is much worse than Real Madrid’s, Barcelona is not short of money. Although during the period from 04 to 06, due to the rise of Dream II and the great success of the Barcelona club in terms of tickets and commercial promotion brought by winning the European Champions Cup, Barcelona once allowed Barcelona to accumulate a profit of 2 million euros in 7000 years.
However, due to the difficulties of Dream II and Laporta's contract renewal plan to increase player wages after winning the Champions League in 06, Barcelona's profits fell into a period of shrinking in the following years.And after the re-emergence of Dream Three, because several major signings were not successful, this caused Barcelona to suffer a huge loss at the end of 10.And the debt has returned to a peak again. At that time, it was the highest value of Barcelona's net debt, reaching 4.31 million.
With the third generation of Barcelona's dream, Habaip's gradual aging and decline in performance, Barcelona's income did not increase significantly. However, in those few years, Barcelona still made gratifying progress in terms of finance by reducing fees and expenses. In the three years from 2011 to 14, Barcelona achieved a net profit of 3 million euros.This allowed Barcelona to finally reduce its net debt to 1.22 million euros by the deadline of the 14 financial report.
After all, Barcelona is strong. It can be said that despite the high debt, Barcelona's income and background are still better than many clubs!
It can be said that Arsenal still has limited financial resources!
(End of this chapter)
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