Recovering Barca Predict 1.3 Billion Euro Revenue

Barcelona's Spanish defender Jordi Alba and teammates react at the end of the Europa League quarter final second leg football match between FC Barcelona and Eintracht Frankfurt at the Camp Nou stadium in Barcelona on April 14, 2022. LLUIS GENE / AFP
Barcelona’s Spanish defender Jordi Alba and teammates react at the end of the Europa League quarter final second leg football match between FC Barcelona and Eintracht Frankfurt at the Camp Nou stadium in Barcelona on April 14, 2022. LLUIS GENE / AFP

 

Barcelona have forecast revenue of 1.255 billion euros ($1.254 billion) for the 2022-23 season, with a predicted profit of 274 million euros.

The Spanish side have been under great economic stress in recent years but gained financial leverage this summer with a string of operations which allowed them to strengthen the team.

Barca signed Bayern Munich striker Robert Lewandowski, Sevilla defender Jules Kounde, Leeds United winger Raphinha and various other players on free transfers.

They were able to do this after selling 25 percent of their television rights to investment firm Sixth Street for the next 25 years, raising over 500 million euros.

Barcelona also sold 24.5 percent of their Barca Studios production company to fan token firm Socios.com and the same amount again to Orpheus Media, for around 100 million euros each.

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These deals, plus the return of supporters in droves after low attendances last season, mean their expected income for next season has risen from last year’s revenue of 1.017 billion euros and a profit of 98 million euros.

In the 2020-21 season Barcelona posted losses of 481 million euros and blamed them for not being able to renew their all-time record scorer Lionel Messi’s contract, leading him to sign for Paris Saint-Germain on a free transfer.

The club spent heavily for several years, bringing in Brazilian midfielder Philippe Coutinho from Liverpool in a club record deal worth up to 160 million euros in 2018, before later selling him to Aston Villa for around 20 million euros, among other ill-fated operations.

Along with income being severely hit by the pandemic, it drove the team to the brink of crisis, with president Joan Laporta saying when he took over in March 2021 the team was “dead”.

“We restructured the debt, we controlled the bills, we reduced the sporting salary a bit but not enough yet, we found new income and sponsors,” Laporta told club members in June. “We went from being dead to being in intensive care.”

AFP

Governors Pledge To Increase Nigeria’s Aggregate Tax Revenue By 200%

The Chairman of the Nigerian Governors Forum (NGF) and Ekiti State Governor, Mr Kayode Fayemi

 

The Nigeria Governors’ Forum led by Governor Kayode Fayemi, has pledged to expand the country’s aggregate tax revenue by up to 200%.

The governors said this during their second meeting of the year which held on Wednesday in Abuja while deliberating on several matters of national importance.

They said members received a presentation from the Executive Chairman of the Federal Inland Service (FIRS) and Chairman of the Joint Tax Board (JTB), Mr. Muhammad M. Nami, on the national Data for Tax Initiative.

According to the governors, the Data for Tax (D4T) initiative envisages an ecosystem where financial and non-financial data on all individuals and economic transactions will be collated into a central National Tax Data Bank with the National Identification Number (NIN) as the primary unifying code.

“Members pledged their support for the project which is aimed at expanding the country’s tax net to at least 90% of all eligible taxable persons and committed to collaborating with the JTB to increase the country’s aggregate tax revenue by up to 200% as envisaged,” a communique released at the end of the meeting read in part.

They also deliberated on the establishment of farm settlement estates for groups of smallholder producers to increase the supply of farm inputs as well as access to produce at the markets.

See the full communique below.

Communiqué Issued At The End Of The 2nd Meeting Of The Nigeria Governors’ Forum Held

We, the members of the Nigeria Governors’ Forum at our second meeting of the year 2022, deliberated on several matters of national importance and concluded as follows:

1. Members received a presentation from the Executive Chairman of the Federal Inland Service (FIRS) and Chairman of the Joint Tax Board (JTB), Mr. Muhammad M. Nami, on the national Data for Tax Initiative.

The Data for Tax (D4T) initiative envisages an ecosystem where financial and non-financial data on all individuals and economic transactions will be collated into a central National Tax Data Bank with the National Identification Number (NIN) as the primary unifying code. Members pledged their support for the project which is aimed at expanding the country’s tax net to at least 90% of all eligible taxable persons and committed to collaborating with the JTB to increase the country’s aggregate tax revenue by up to 200% as envisaged.

2. The National Convenor of the UN Food Systems and Permanent Secretary of Budget and National Planning, Mrs. Olusola Idowu, delivered a presentation on the National Pathway to Food Systems Transformation.

The role of Governors in the plan is to prioritize the establishment of farm settlement estates for groups of smallholder producers, including women and youths, to increase the supply of farm inputs, the use of machinery, access to extension services, and market access.

The Forum affirmed its commitment to the ideals of the programme which many states are already pursuing and committed to working with the Federal Government to expand the development of these settlements across the country.

3. Mr Alex Okoh, Director General of the Bureau of Public Enterprises (BPE), briefed the State governors on the proposed sale of five (5) power plants under the Niger Delta Power Holding Company (NDPHC). The presentation was part of the consultative process with State governments who are shareholders of the plants.

4. The Forum also received a presentation on the status of the country’s digital identification programme from Engr. Aliyu A. Aziz, Director General/Chief Executive Officer of the National Identity Management Commission (NIMC).

To strengthen the national enrolment exercise which has so far seen the issuance of over 74 million national identification numbers (NIN) to Nigerians across the country, Governors pledged to support the programme through a string of measures, including support for sensitization activities, integration of NIN in state services and collaboration with telecoms providers to improve network infrastructure for sustained identity registration and authentication. Governors re-echoed the need to complete the harmonization and integration of databases, to reduce the carriage of multiple identifications (IDs) by citizens noting that being able to uniquely identify persons is extremely important for social security and cross-state border management. NIMC is to liaise with State Governments through its various State Coordinators in addition to working with the NGF Secretariat.

5. A programme update on NG-CARES was delivered by the NGF Secretariat’s Programme Manager, Mrs. Firo Elhassan Kaka, on the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme. All 36 States of the federation have already received letters of eligibility for the programme, and all results achieved by the States with effect from June 2020 are eligible for verification as prior results. These will be assessed for re- imbursement at the next verification exercise.

6. The NGF Secretariat’s Health Adviser, Dr. Ahmad Abdulwahab also delivered an update on the country’s health security interventions, particularly on the COVID-19 Preparedness and Response Project (COPREP) and the Basic Healthcare Provision Fund (BHPF). Members also discussed the status of the COVID-19 pandemic, the Lassa fever outbreak, the need to improve the quality of Polio campaigns, as well as the setup of State Emergency Medical Services and Ambulance Services (SEMSA) with accredited health facilities and requisite personnel.

7. From the 23rd – 25th February 2022, State governors will be joined by a delegation from Gavi, The Vaccine Alliance, with the aim of deepening the government’s engagement on routine immunization, health system strengthening and COVID19 vaccination in the country.

8. Finally, the Forum congratulated the outgoing Governor of Anambra State Mr. Willie Obiano who joined the NGF meeting for the last time before he hands over to his successor Professor Charles Chukwuma Soludo on 17th March 2022. Governor Obiano was applauded by his colleagues for his impressive performance in Anambra State and his contributions to the growth of the Nigeria Governorsa’ Forum, and particularly for significantly enhancing governance outcomes for the people of Anambra State and for overseeing a smooth transition to the incoming governor.

FIRS Generates Record N6.4trn Revenue In 2021

File photo of FIRS Chairman, Muhammad Nami.
File photo of FIRS Chairman, Muhammad Nami.

 

The Federal Inland Revenue Service (FIRS) has generated a record N6.4 trillion as revenue in 2021, the highest in its history.

This year’s revenue collection exceeded that of 2019 when the agency raked in N5.3 trillion under the administration of Babatunde Fowler.

Spokesman to FIRS Chairman, Oluwatobi Wojuola, who disclosed this via a statement issued on Thursday said that despite the limitations faced in 2020 and 2021, the service achieved over 100 percent of its collection target.

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“The FIRS, in the year 2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and non-oil (N4.396 trillion) revenues as against a target of N6.401 trillion,” Nami said.

“Companies Income Tax amounted to N1.896 trillion; Petroleum Profits Tax amounted to N2 trillion; Value Added Tax amounted to N2.07 trillion; Electronic Money Transfer Levy amounted to N114 billion; Earmarked Taxes amounted to N208.8 billion; among others.

“Non-oil sector contributed 69 percent of the total collection in the year, while oil sector’s contribution was 31 percent of the total collection.

“The Service issued certificates for the sum of N147.8 billion tax credit to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.”

Wojuola stated that in line with the law, 2021 income tax revenue was a function of the outcome of business activities in 2020.

“In that year, the country entered into a second economic recession within 5 years. The recession was occasioned by 5-months of lockdown caused by the Coronavirus pandemic.

“To compound the economic challenges of COVID-19 pandemic, business activities were disrupted by the End-SARS protests.”

For The First Time, Man City’s Revenue Exceeds Man Utd’s

Manchester City’s Portuguese midfielder Bernardo Silva (C) celebrates scoring his team’s second goal with teammates during the English Premier League football match between Manchester United and Manchester City at Old Trafford in Manchester, northwest England, on November 6, 2021. Oli SCARFF / AFP

 

Manchester City’s revenue exceeded arch-rivals Manchester United for the first time last year, the Premier League champions revealed in their latest financial accounts on Wednesday.

City reported club record revenue of £569.8 million ($780 million) for their title-winning 2020-21 season.

That was a revenue increase of 19 per cent on the previous year, with an overall profit of £2.4 million.

Across Manchester, United, who finished 12 points behind City in the Premier League last term, recorded revenue of £494.1 million for the financial year ended June 30, 2021.

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City’s latest figures, published in their annual report for 2020-21, reflect a highly successful campaign for Pep Guardiola’s side.

They won the Premier League and League Cup and reached the Champions League final for the first time, losing 1-0 to Chelsea in Porto.

Matchday revenue fell from £41.7 million to just £700,000 as a result of matches being played behind closed doors amid the coronavirus pandemic.

The return to profitability comes after a loss of £126 million in 2019-20 when the pandemic first hit.

“The season closed with the team having played 63 out of a maximum possible 64 matches, taking home the Premier League title, winning a record-equalling eight League Cups, reaching the final of the UEFA Champions League for the first time and breaking a raft of records in the process. This is not a club that gives up when the going gets tough,” City chief executive Ferran Soriano said.

“From a business perspective, we were pleased to return to profitability, having successfully navigated the revenue challenges created by the pandemic. Covid-19 did not stop us, and we continued to grow, innovate and develop new ideas.

“And while we cannot dismiss the pain of missing out on the trophy in Porto at our first ever UEFA Champions League final, we must also pause to savour the fact that Manchester City has won three of the last four Premier League titles, and are now looking ahead to what we can do to achieve even greater success in the next stage of our journey.”

AFP

RMFAC Proposes New Revenue Sharing Formula For FG, States, LGs

A file photo of RMAFC Chairman, Elias Mba.

 

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced plans to commence the process for a new revenue sharing formula for the federal, state, and local governments.

RMAFC Chairman, Elias Mba, made the announcement on Tuesday at a press briefing in Abuja.

“I want to reiterate that the commission is highly determined to produce, within the shortest possible time, a new revenue sharing formula that will be fair, just, and equitable to the three tiers of government,” he told reporters.

Under the new regime, according to Mba, revenue for the federal, state, and local governments as proposed by the commission is pegged at 52.6 per cent, 26.7 per cent, and 20.6 per cent respectively.

READ ALSO: FG, States, LGs Share N760.717bn Revenue In July

He believes the new sharing formula will help address issues of poor infrastructure, ecological challenges, and the series of agitations for a review.

The new revenue sharing formula is expected to be implemented by the end of 2021, 28 years after the commission conducted a review.

“The commission has programmed to complete this review process by the end of 2021. I am glad to observe that the response so far from Nigerians is very impressive,” Mba said.

“On this note, I call on all Nigerians to be part of the current exercise by making relevant inputs that will enrich the exercise and give their unalloyed supported to the commission to achieve its desired goals.”

Members of the RMAFC committee are made up of representatives from all 36 states and the Federal Capital Territory (FCT), as well as Mba who is the chairman.

As of August 8, all states and the FCT have a representative each in the committee, except Bauchi, Enugu, Imo, and Kogi.

Listed in the 1999 Constitution as one of the 14 Federal Executive Bodies, RMAFC was established to handle revenue allocation and fiscal matters on a continuous basis.

FG, States, LGs Share N760.717bn Revenue In July

The Accountant General of the Federation, Idris Ahmed, holds a phone at his office in Abuja on April 9, 2020. Photos: Channels TV/ Sodiq Adelakun.

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N760.717 billion Federation Account Revenue to the Federal, States, and Local Governments in July.  

This was revealed in a statement on Friday at the end of the virtual meeting of the FAAC for August.

The revenue comprised distributable statutory revenue of N617.705 billion, distributable Value Added Tax (VAT) revenue of N140.555 billion, and exchange gain of N2.457 billion.

“In July 2021, the sum of N63.501billion was the total deductions for the cost of collection, statutory transfers, and refunds,” said Henshaw Ogubike who is the spokesperson for the Office of the Accountant General of the Federation (OAGF).

“The balance in the Excess Crude Account (ECA) was $60.855 million.”

From the total revenue, the Federal Government received N321.226 billion, state governments got N222.514 billion, and the sum of N166.562 billion was distributed to the local governments.

The sum of N50.415 billion was shared to the relevant states as 13 per cent derivation revenue while the distributable statutory revenue of N617.705 billion was available for the month.

From the distributable statutory revenue, the Federal Government received N299.004 billion, state governments received N151.659 billion, and local governments got N116.922 billion.

The sum of N50.120 billion was given to the relevant States as 13 per cent derivation revenue.

“In the month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134 billion,” Ogubike revealed. “This was lower than the N154.465 billion available in the month of June by N3.331billion.

“The sum of N4.534 billion allocation to NEDC and N6.045 billion cost of revenue collection were deducted from the N151.134 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N140.555billion.”

From the N140.555 billion distributable VAT revenue, the Federal Government received N21.083 billion, state governments received N70.278 billion, and local governments got N49.194 billion.

Nigeria Customs Service Generates ₦1.5trn In 2020

Man Killed As Customs Officials Raid Ogun Community
A file photo of Customs operatives.

 

The Nigeria Customs Service has generated the sum of ₦1,562,115,419,216 for the year 2020.

In a statement issued on Wednesday, the Public Relations Officer of the service, Joseph Attah, said the generated revenue was over the target of ₦1,380,765,353,462 and over the sum of ₦1,342,006,918,504 generated in 2019 despite the COVID-19 pandemic.

According to the statement, the Comptroller-General of Customs, Hameed Ali, attributed the feat to what he described as a result of the resolute pursuit of what was right and the willingness to adapt to changes brought about by global health challenges occasioned by COVID-19.

The NCS spokesman said the agency’s revenue generation profile had continued to be on the rise annually based on the ongoing reforms in the service.

He noted that the partial border closure which forced cargoes that could have been smuggled through the porous borders to come through the sea and airports raised revenue collection from ports.

“Before the commencement of the border drill on August 20, 2019, revenue generation was between N4bn to N5bn but now NCS generates between N5bn to N9bn daily,” the statement partly read.

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“Diplomatic engagements that took place during the partial land border closure yielded many positive results, including the commitment to comply with the ECOWAS protocol on transit operationalisation of joint border patrols at both sides of the border.”

SEE FULL STATEMENT HERE:

PRESS STATEMENT

Nigeria Customs Service generated the sum of N1,562,115,419,216.32 for the year 2020. Amount generated is over the target of N1,380,765,353,462.00 over the sum of N1,342,006,918,504.55 generated in 2019 despite the covid-19 pandemic.

Commenting on this feat, the Comptroller-General of Customs, Col, Hameed Ibrahim Ali (Rtd) described it as a result of the resolute pursuit of what is right and willingness to adapt to changes brought about by global health challenges occasioned by covid-19.

The service revenue generation profile has continued to be on the rise annually as the ongoing reforms in the Service insist on:

Strategic deployment of officers strictly using the standard operating procedure.

Strict enforcement of extant guidelines by the tariff and trade department.

Automation of the Customs process thereby eliminating vices associated with the manual process.

Robust stakeholder sensitization resulting in more informed/voluntary compliance.

Increased disposition of officers and men to put national interest above selves.

The partial border closure which has forced cargoes that could have been smuggled through the porous borders to come through the sea and airports raised revenue collection from ports.

Before the commencement of the border drill on 20th August 2019, revenue generation was between N4 billion to N5 billion but now NCS generate between N5 billion to N9 billion daily.

Diplomatic engagements that took place during the partial land border closure yielded many positive results, including a commitment to comply with the ECOWAS Protocol on Transit. Operationalization of joint border patrols at both sides of the border.

The teams are required to share intelligence and ensure prevention of transit of prohibited goods into the neighbour’s territory. Accordingly Service wishes to express its readiness to strictly implement the outcome of the diplomatic engagements as the land borders open for movement of cargoes.

Intelligence gathered during the period and the introduction of the e-Customs whose components include installation of scanners at all entry points will enhance border security and boost national trade facilitation.

Already Ministry of Finance has purchased three (3) new Scanners. Interestingly, the Central Bank of Nigeria (CBN) has also expressed commitment to purchasing four (4) Scanners and establish the control center for monitoring all scanning sites in their bid to boost the national economy, especially the agricultural sector. This means that within the next six (6) months, NCS will have about seven (7) functional Scanners to be mounted at strategic entry points even before the full deployment of e-Customs components which will see to the deployment of 135 modern Scanners.

NCS appreciates and commends the leadership of CBN for this strategic intervention in the interest of the nation.

In the same vein, the Service efforts to prevent the entry of items that could compromise the Security of our citizens, Economy and the well-being of our people resulted in the seizures of 4,304 assorted items with a duty paid value of N28,287,285,847.52.

These seizures include arms, ammunition, illicit drugs, used clothing, vegetable oil, frozen poultry and foreign rice among others that have grave consequences on the economic security and well-being of Nigerians.

While we give assurances of total commitment to the course of protecting national security and economy, we call on Nigerians, especially the business community to support the NCS as our borders open to African Continental Free Trade Agreement (AfCFTA) in order to benefit from the trade agreement and other cross border activities.

Signed:

DC, Joseph Attah

Public Relations Officer

N66bn Generated As Stamp Duty Revenue Since January – FIRS

 

A total of N66 billion has been generated as stamp duty revenue by the Federal Government between January and June 2020.

The Chairman of the Federal Inland Revenue Services, Muhammad Nami, disclosed this during the inauguration of the inter-ministerial committee on audit and recovery of back years stamp duties.

Mr Nami while giving a breakdown of the revenue added that the Finance Act has mandated the revenue agency as the sole body to receive stamp duties for the country.

“We have collected and remitted from money deposit banks in this year alone, a total of N20 billion. From Stamp Duties Revenue from stamping of instruments at CAC, we have realised about 7.9 billion. The amount now remitted as at the point I was appointed, stood at 39 billion. So, total stamp duty remitted, into federation account from January 2020 to June (as at yesterday) stood at N66 billion,” he said.

 

FG To Digitalize Import Exemption Certificates

Nigeria's Ports

 

The Federal Government has said that it will begin automation of all import exemption certificates in a bid to stop revenue losses.

The Federal Executive Council (FEC) had granted the approval for a gateway platform under the auspices of the Ministry of Finance, Budget and National Planning to manage a portal in charge of issuance of import duty exemption certificates.

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This according to the Permanent Secretary, Special Duties, Ministry of Finance, Mohammed Dikwa, will help speed up the process of approvals and standardization.

He added that the Ministry decided to key into the Federal Government’s top agendas of economic growth fight corruption and provide security.

“The continuous incidence of revenue losses due to manual processing of applications, incidence of multiple use of approvals, delay in processing applications, indiscriminate allocations and subjectivity in the approval process has remained a major constraint in the monitoring, evaluation and standardizing the process of granting waivers and certificates.

“In order to address these challenges, the ministry has keyed into the priority programmes of this administration which is to grow the economy, protect lives and properties in line with the constitution and fight corruption. To support this initiative, we embark on reforming the processes; this involves re-engineering the processes from the application to issuance and validations by the Nigeria Customs Service.”

Netflix Revenue Grows Bigger As Streaming TV War Looms

Netflix logo is seen on the backdrop of Netflix’s “Stranger Things 3” premiere at Santa Monica high school Barnum Hall in Santa Monica, California. Chris Delmas / AFP

 

Netflix shares rallied Wednesday after its latest quarterly update showed robust subscriber growth and better-than-expected profits ahead of a major escalation in the streaming television war.

Netflix reported a net income of $665 million in the recently ended quarter, jumping up from $403 million in the same period last year and topping most analyst forecasts.

Revenue and subscriber growth, however, came in just shy of market consensus. The California-based company saw revenue up 31 percent at $5.25 billion and added 6.8 million subscribers worldwide to reach a total of 158.3 million.

Netflix shares climbed more than 10 percent after-market trades.

The company, whose recent hits include “Stranger Things” and “The Crown,” was upbeat on its ability to thrive even as powerful competitors such as Disney and Apple enter the streaming market in November.

When Netflix began streaming television to subscribers online some 12 years ago — in a pivot from just lending video discs through the mail — it was essentially Amazon Prime, Hulu, YouTube and Netflix itself competing with traditional television, chief executive Reed Hastings said in an earnings broadcast.

And all of the streaming rivals will still find their main competition in broadcast TV, according to Hastings, who was confident Netflix would thrive through compelling original shows.

“We see both Apple and Disney launching essentially the same week after 12 years of not being in the market,” Hastings said.

“Fundamentally, it is more of the same. Disney will be a great competitor; Apple is just beginning but, you know, they will probably have some great shows too.”

Clouds loom? 

But eMarketer analyst Eric Haggstrom said the latest report includes signs of trouble ahead for the market leader, which fell short of its subscriber targets.

“The fourth quarter represents a completely new ballgame for Netflix as Disney+ and Apple TV+ will compete not just for subscribers, but for hit shows as well,” Haggstrom said.

“The fact that Netflix has shown disappointing growth without the new competition present is a negative omen for Netflix in 2020 and beyond.”

And more competition looms on the horizon, as AT&T’s WarnerMedia will launch its new Netflix rival “HBO Max” in early 2020 after reclaiming the rights from Netflix to stream its popular television comedy “Friends.”

Netflix slightly trimmed its forecast for subscriber growth, saying it expected the count to be up 26.7 million at the end of this year, but that its positive outlook for the future remained firm.

It cited factors such as uncertainty about new viewers, response to price changes and forthcoming competition.

The third quarter’s rise in revenue also means Netflix could invest to improve the service and make more original shows to battle competition in markets around the world.

“We have been moving increasingly to original content both because of the anticipated pullback of second run content from some studios and because our original content is working in the form of member viewing and engagement,” Netflix said.

“We’re expanding our non-English language original offerings because they continue to help grow our penetration in international markets.”

Netflix has released originally produced local language shows in 17 countries and has plans to expand to 30, according to chief content officer Ted Sarandos.

Netflix’s original films released in the recently ended quarter included “solid hits” such as “Secret Obsession,” starring Brenda Song, and “Otherhood,” directed by Cindy Chupack.

Netflix-backed films set for release this quarter include Martin Scorsese’s “The Irishman,” with actors Robert De Niro, Al Pacino, and Joe Pesci, and “Marriage Story,” starring Scarlett Johansson and Adam Driver.

“Amazing content can be expensive,” Netflix said.

“We don’t shy away from taking bold swings if we think the business impact will also be amazing.”

Netflix said it would spend about $15 billion in cash on content this year, with the majority of that money devoted to producing original shows.

Netflix also sees its technology platform as an advantage, enabling it to stream to people on all kinds of devices and to mine mountains of data to feed users recommendations about what to watch next — and to give producers insights about what audiences like.

Hastings reasoned that with Facebook and YouTube boasting billions of active users, and billions of mobile phones users who can stream shows from the internet, there is a huge market for Netflix and its rivals to share.

AFP

Barcelona Predict €1bn Income This Season

 

Barcelona expect to record revenues of more than one billion euros for the 2019-2020 season, becoming the first football club to pass the mark, the Catalan club announced on Thursday.

According to figures released ahead of the general meeting of their “socios” (supporters, shareholders) scheduled for October 6, Barca expect a revenue of 1.047 billion euros ($1.16 billion) in the fiscal campaign just started, which is six percent more than last season when the club generated 990 million euros.

“It’s an historic record for a sports club, it’s better than the NBA and NFL franchises and other football clubs,” Barcelona managing director Oscar Grau told a news conference.

Barcelona president Josep Maria Bartomeu had set a strategic goal of being the first outfit to reach the one billion euro mark by the end of his presidency in 2021.

Main sporting rival Real Madrid, president Florentino Perez targetted a similar goal.

In the projected budget presented by Barca, the expenses amount to 1.007 billion euros for a net profit after tax of 11 million euros.

Grau explained that “one of the club’s challenges” was to “reduce the payroll” of its professional athletes.

In 2019-2020, spending on sports salaries is expected to fall by three percent, from 525 to 507 million euros.

The club has budgeted 73 million euros to finance the remodelling of Camp Nou and its surroundings, a vast project called “Espai Barca”.

Grau, who said in 2018 he was hopeful to find a title sponsor for the project by the end of the first half of 2019, said the club was continuing its research and studying alternative forms of financing.

“We want to make a good deal, we do not want to sell, so we are looking for a financial restructuring of Espai Barca so that the project does not stop,” said Grau.

Regarding the accounts for the 2018-2019 financial year, the treasurer Enrique Tombas confirmed the figures mentioned during the summer by the club: 990 million euros of turnover, 973 million euros of expenses and a profit after tax of five million euros.

AFP

Manchester United Target Trophies As Revenue Hits Record High

 

Manchester United executive vice-chairman Ed Woodward underlined the club’s hunger for silverware on Tuesday after announcing record-breaking revenues.

United, under manager Jose Mourinho, are seventh in the Premier League after a disappointing start to the season, eight points behind leaders Liverpool and six behind reigning champions Manchester City.

The club has not won the Premier League since 2013, under former boss Alex Ferguson.

United, who have been top of the Deloitte Football Money League for two successive years, brought in £590 million ($776 million) in the year ending June 30, 2018 — a rise of just 1.5 percent on the previous year.

But the expectation is for revenue to rise to between £615 million and £630 million over the coming financial year.

“Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies,” Woodward said. “That is what our passionate fans and our history demands.

“We are committed to our philosophy of blending top academy graduates with world-class players and are proud that, once again, last season we had more academy graduate minutes on the pitch than any other Premier League club.

“Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market.”

Manchester City earlier this month posted record revenues of £500.5 million following their record-breaking season.

United’s annual accounts reveal that the Old Trafford giants paid employees £295.9 million in fiscal 2018 — a hike of £32.4 million over the previous year.

The club said the increase was “primarily due to player salary uplifts related to participation in the UEFA Champions League” but Alexis Sanchez’s January arrival will also have made an impact.

United saw operating profits drop by 45.4 percent to £44.1 million. That was largely due to the United States’ federal corporate income tax rate being reduced from 35 percent to 21 percent.

Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were £177.1 million, down from £199.8 million the previous year.

 

AFP