By Gareth Messenger
October 18 – Portuguese giants FC Porto have turned in a chunky €20.3 million profit for the 2012/2013 season. The profit came against a loss of €35.7 million in the previous campaign and despite a 39% slump in ticket revenue.
Club director Angelino Ferreira put the fall in ticket sales revenue down to the levying of VAT and the prevailing economic conditions that the “industry is not immune to”, after seeing an ticket revenue drop from €10.6 million to €6.5 million.
Ferreira said Porto was supported by stability in other key sources of income, especially its share of the UEFA payout from the club’s participation in the Champions League – €20.39 million. This was also increased by a further €15.2 million from corporate hospitality as well as a positive year of transfer activity.
Despite refusing to make any comment regarding outstanding debts, Ferreira did raise the question as to whether football clubs were covered by a tax amnesty announced by Portuguese government officials last week.
The Portugal authorities approved a pardon for those who were paying debts owed to fiscal and social security systems. Not only have the government started to wipe debts clean of payments which induce a penalty interest and administrative charges, but they have also proceeded to charge lower levels of fines for what those clearing their debts actually owed.
Contact the writer of this story at moc.l1734861923labto1734861923ofdlr1734861923owedi1734861923sni@r1734861923egnes1734861923sem.h1734861923terag1734861923 . Gareth is editor in chief of www.laliganews.tv