Atletico Madrid triple profits to €14m in 2018/19

Atletico Madrid triple profits to €14m in 2018/19
Spanish soccer giants Atletico Madrid saw their net profit triple to €13.94 million (US$15.42 million), while revenue was up 22.4 per cent to €367.65 million (US$406.78 million) for the 2018/19 financial period.

It marks the club’s highest net profit in their history and was partly achieved by investment funds expanding Atletico’s borrowing capacity. The La Liga side raised their financial liabilities from €99.73 million (US$110.34 million) to €131.22 million (US$145.19 million), reportedly with the Rights and Media Funding group. Of this amount, approximately €26 million (US$28.77 million) will apparently be cancelled this year, while the remainder must be cancelled before 2023 if there is no new refinancing.

Atletico have been able to reduce average interest rate from 4.24 per cent to 3.76 per cent on major loans, including for their renovated Metropolitano Stadium. Net debt has been cut from €522.2 million (US$577.8 million) to €506.1 million (US$559.9 million).

Commercially, the club continue to see a healthy increase after generating €86.17 million (US$95.34 million), up 19.5 per cent year-on-year. Their sleeve sponsorship deal with Hyundai and four-year extension with domestic telecoms giant Telefonica have helped contribute to the ongoing commercial upturn.

Looking ahead, Atletico plan to keep payroll expenditure stable at around €244 million (US$267 million), having increased it by 14 per cent in 2018/19. They are also projecting €515 million (US$569 million) in revenues for the 2019/20 financial year. Much of that growth is being attributed to player sales, with Antoine Griezmann, Lucas Hernandez and Rodri all leaving this summer for a combined figure of around €270 million (US$299 million).

Los Colchoneros return to action this Wednesday in the UEFA Champions League against Lokomotiv Moscow, knowing a win against the Russians will guarantee their place in the knockout stages.

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