By Samindra Kunti
November 18 – Belgian club KRC Genk have suffered a record €14.9 million loss after missing out on European football and falling revenue from both outgoing transfers and season ticket sales.
Genk were flying high three seasons ago after participating in the Champions League and the sale of both Kevin De Bruyne and Thibaut Courtois to Chelsea. The club closed the 2011/12 season out with a profit of €28 million.
Ever since the club have declined steadily. The club raised their budget and overspent with wage costs doubling from €10 to €20 million. Genk attracted Ilombe Mboyo for a transfer fee of €4 million, but the player didn’t deliver on the pitch, rather embodying Genk’s failing policies.
Earlier this week Genk presented their annual financial results and were forced to disclose a record loss of €14.9 million. Genk’s budget has dropped from €33 to €18 million as a result.
“We had budgeted €9 million, but ticked off at only €1.4 million in revenue,” explained Genk’s financial director Filip Aerden to local media. “The absence of European football resulted in €4 million less. A downturn in the sales of season tickets and business seats resulted in €1.3 million less.”
“All in all, this is a very heavy loss and the only reason we were able to absorb this is thanks to our financial buffer of the past,” said Aerden. “But it is clear that we can not do this again.”
This summer Genk sold Sergej Milinkovic-Savic for €10 million to Lazio Roma and Kara Mbodj to Anderlecht for €4.5 million.
“Between July 1st and August 31st €22.5 million arrived at the Cristal Arena,” said Aerden.
“If we continue this course, we will end the book year with a profit of €5 million,” concluded Aerden.
On the pitch results have also been disappointing for Genk. The club attracted Peter Maes as their new coach in the summer, but Genk are lingering in mid table with 20 points after 15 match days. They lost their last three games against Oostende, Lokeren and Club Brugge respectively.
Contact the writer of this story at moc.l1735045756labto1735045756ofdlr1735045756owedi1735045756sni@i1735045756tnuk.1735045756ardni1735045756mas1735045756