La Liga club Villarreal have announced losses of more than 16 million Euros for the 2010/2011 financial year.
The beleaguered club’s accounting books reflected woeful results that have led to a restrictive budget for the current year.
Villarreal reported that they ended the 2010/2011 season with a debt of 16,067,000 Euros. The Yellow Submarine had expenses of 100,695,000 Euros and posted revenues of 84,628,000 Euros.
The club’s hierarchy announced that the budget for the current season has been set at 76 million Euros, a reduction of almost 25 percent from the corresponding season.
Reflecting on the decreased budget allocation, Villarreal president http://www.senore.com/Football-soccer/Fernando-c13609 Roig stated that they have set a low number owing to poor economic situation.
He added that the board wants the club to continue as a viable entity and grow for a bright future, and therefore have to take these steps.
The president hoped for the club to endure the strenuous period and revealed that reality checks would be enforced.
“We want to keep the club viable and continue to grow. The future will be difficult financially and we have to settle accounts with the reality," Roig commented after the meeting with shareholders.
The second half of the calendar year 2011 has seen the Yellow Submarine stutter both on and off the field. They have been woeful in all competitions in the current season.
Following their qualification to UEFA Champions League, Villarreal have posted the worst record by a Spanish team in the competition’s group stage history. El Madrigal-based team were dumped out of Europe after six humiliating defeats in as many matches.
Their La Liga adventure has been even disappointing. The poor man’s http://www.senore.com/Football-soccer/Barcelona-c38604 languish in 17th place, barely above the relegation zone due to a superior goal difference.
However, it was the Copa del Rey where they have been hit the worst. The club from Vila-real were knocked out of the domestic cup competition by Mirandes, a team playing two levels below them.
Tags: